Daily Analysis

09 September 2020                           Afternoon Session Analysis

Aussie hold steady amid upbeat data.

During late Asian session, the Aussie dollar which traded against the dollar and other currency pairs have pick up some bids after the recent release of China CPI. According to the National Bureau of Statistics of China, China CPI (CPI) reached market expectation of 2.4% in August while PPI also eased from -2.4% to -2.0%. At the same time, positive data from Australia also provide further boost for the pair. Australia’s Home Loans have surged to 10.7%, surpassed market forecast of 3.1% in July. Australia’s Westpac Consumer Confidence for September also reversed from previous reading of -9.5% to +18%. Following the upbeat data, the Aussie manage to hold its ground above 0.7200 mark and limit its previous losses. At the time of writing, AUD/USD rose 0.08% to 0.7190 at the time of writing.

In the commodities market, crude oil price extend losses and plunged 1.28% to $36.24 per barrel as of writing amid heightening concerns over second wave coronavirus. As of now, the biggest global health crisis continue to flare up with cases continue to increase in India, UK, Spain and several parts of U.S. The worsening outbreak have impact the outlook for fuel demand, thus dragging the crude price further. On the other hand, gold price edge up 0.05% to $1929.75 a troy ounce at the time of writing following risk-aversion mood remain supported by ongoing coronavirus crisis.

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

22:00                     CAD                                        BoC Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 93.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 93.80, 94.55

Support level: 93.00, 92.20

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3020. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3020, 1.3145

Support level: 1.2880, 1.2750

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

Resistance level: 1.1860, 1.1940

Support level: 1.1765, 1.1705

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 106.40. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 105.20.

Resistance level: 106.40, 107.95

Support level: 105.20, 104.15

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7195. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7250.

Resistance level: 0.7250, 0.7305

Support level: 0.7195, 0.7140

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6600. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6650.

Resistance level: 0.6650, 0.6690

Support level: 0.6600, 0.6510

USDCAD, H4: USDCAD was traded higher while currently testing the 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: 1.3235, 1.3395

Support level: 1.3140, 1.3045

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9180. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9180, 0.9225

Support level: 0.9120, 0.9050

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 36.00. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 43.00, 47.95

Support level: 36.00, 29.05

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1911.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1951.75.

Resistance level: 1951.75, 1987.30

Support level: 1911.55, 1882.65

09 September 2020                           Morning Session Analysis

Dollar gains amid new aid being proposed.

Dollar index which gauges its value against a basket of six major currencies surged significantly as likelihood of another round of stimulus package will be put on the table as soon as this week. According to CNBC, Senate Majority Leader Mitch McConnell rolled out a new proposal of relief package which amounted to $300 billion, while the targeted segments will be focused on healthcare, education and economy. However, no any portion of this amount will be included for direct payment to individuals or money for state and local governments. This plan is slated to get initial vote as early as this week, but it is unlikely to garner 60 votes to get through Senate or receive support from opposing parties. Democrats opposed the introduction of this stimulus package right after Mitch McConnell making a proposal of it as this plan against the intention of meeting the urgent of American during the pandemic. Besides, Democratic Party’s members also reiterated that Republicans are not in the right track in solving the burden and difficulty of the country. Therefore, senate’s vote on new stimulus package will be the focus point of investors in this week. During Asian early trading session, dollar index rose 0.86% to 93.50.

In the commodities market, crude oil price depreciated 0.92% to $36.40 per barrel as market increasingly concern over the faltering demand, while the driving season in US is over and dovish signal sent by Saudi early this week. Besides, gold price appreciated by 0.02% to $1931.40 a troy ounce as market’s risk appetite eased.

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

22:00                     CAD                                        BoC Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 93.25. 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: 93.25, 92.60

GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.3045. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully close its candle below the support level.

Resistance level: 1.3255, 1.3470

Support level: 1.3045, 1.2715

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1775. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.1705.

Resistance level: 1.1775, 1.1840

Support level: 1.1705, 1.1620

USDJPY, Daily: USDJPY was traded lower following prior rebound near the resistance level at 106.15. MACD which illustrates diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 105.20.

Resistance level: 106.15, 106.95

Support level: 105.20, 104.30

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

Resistance level: 0.7265, 0.7330

Support level: 0.7205, 0.7150

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6615. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6615.

Resistance level: 0.6755, 0.6835

Support level: 0.6615, 0.6535

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3235. MACD which illustrate bearish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3235.

Resistance level: 1.3235, 1.3315

Support level: 1.3140, 1.3030

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

Resistance level: 0.9200, 0.9295

Support level: 0.9120, 0.9050

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 37.65. However, MACD which illustrated diminishing bearish momentum suggest the commodity to undergo technical rebound in short term.

Resistance level: 37.65, 38.75

Support level: 35.65, 34.25

GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1926.40. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 1926.40.

Resistance level: 2067.75, 2147.50

Support level: 1926.40, 1761.65

08 September 2020                           Afternoon Session Analysis

Japanese Yen rose following upbeat data.

The Japanese Yen which traded against the dollar and other currency pairs have edge higher following a better-than-expected GDP. According to the Japan Cabinet Office, Japan GDP for the second quarter have improved to -7.9, beating market expectation of -8.1. The annual figure also came in better at -28.1% against market forecast of -28.6%. Besides risk-aversion mood remains high which help supporting the Yen amid the escalating tension between U.S and China as well as the recent border tussle between India and Beijing. On the other hand, call for snap election in Japan also weigh on the risk sentiment. Japan’s Chief Cabinet Yoshihide Suga, which is also a potential frontrunner to succeed Prime Minister Shinzo Abe have stated to Asahi that the prime minister has the right to dissolve parliament and call for a snap election. If the next one decides to call on, that should be the case. If not, it won’t happen. At the time of writing, USD/JPY rose 0.02% to 106.26.

In the commodities market, crude oil price extend losses and fell 0.11% to $39.10 per barrel as of writing following price reduction from Saudi Arabia and worsening relations between U.S and China. As of now, demand outlook remains uncertain after Saudi Aramco reduce pricing for October crude oil sales. At the same time, President Donald Trump stated that he intends to curb the U.S economic relationship with China and threatening to punish any companies that have any business activities with China. On the other hand, gold price slips 0.12% to $1925.20 a troy ounce at the time of writing amid upbeat performance in U.S 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

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently near the resistance level at 93.20. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 93.20.

Resistance level: 93.20, 93.80

Support level: 92.50, 91.75

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3130. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3215, 1.3305

Support level: 1.3130, 1.3020

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

Resistance level: 1.1860, 1.1940

Support level: 1.1790, 1.1720

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 106.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 106.40, 107.95

Support level: 105.20, 104.15

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7260. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7340, 0.7410

Support level: 0.7260, 0.7155

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

Resistance level: 0.6755, 0.6850

Support level: 0.6685, 0.6595

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3045. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3140.

Resistance level: 1.3140, 1.3225

Support level: 1.3045, 1.2990

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9180. MACD which illustrated increasing bullish momentum 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 while currently testing the support level at 38.55. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 43.05, 47.05

Support level: 38.55, 36.10

GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level at 1927.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1919.45.

Resistance level: 1927.65, 1941.45

Support level: 1919.45, 1910.05

08 September 2020                           Morning Session Analysis

Dollar surged despite thin trading on US holiday.

Dollar index which gauges its value against a basket of six major currencies managed to extend its gains despite low trading volume on US Labour day. In overall, Fx market was traded thinly by the market participants as they are awaiting for more catalyst after holiday ended. Nonetheless, greenback market remain scented as market participants continued to digest some of the key economic data which released last week, such as upbeat unemployment data. However, broader sentiment of this market remain weak and sour after Federal Reserve Chairman Jerome Powell reiterated that they will keep the interest rate lower for a longer period before US economy showed a strong recovery or expansionary happened. In last Powell speech, he revealed that Federal Reserve have shifted their monetary policy framework to average inflation target policy where it allowed the inflation to float above 2%, while maximum employment objective was now given lesser role. As of writing, dollar index rose 0.36% to 93.05.

In the commodities market, crude oil price appreciated by 0.47% to $39.15 per barrel after hitting two months low level as Saudi Arabia cut their oil supply price to Asia as having bearish outlook on oil market. At the same time, optimism of market participants toward the oil market faded as recovery of economy turn cooled amid resurgence of pandemic. Besides, gold price rose 0.07% to $1929.90 a troy ounce amid market fears over the pandemic heightened.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

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 higher following prior rebound from the support level at 92.60. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 93.25.

Resistance level: 93.25, 94.10

Support level: 92.60, 92.10

GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.3255. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3045.

Resistance level: 1.3255, 1.3470

Support level: 1.3045, 1.2840

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1840. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.1840, 1.1900

Support level: 1.1775, 1.1705

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 106.15. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 106.95.

Resistance level: 106.95, 107.90

Support level: 106.15, 105.20

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7265. MACD which illustrated bullish bias 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, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6755. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6615.

Resistance level: 0.6755, 0.6835

Support level: 0.6615, 0.6535

USDCAD, H4: USDCAD was traded higher following prior rebound near the support level at 1.3030. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.3140, 1.3235

Support level: 1.3030, 1.2950

USDCHF, H4: USDCHF was traded higher following prior rebound from the support 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 higher following prior rebound from the support level at 39.00. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 40.25.

Resistance level: 40.25, 41.50

Support level: 39.00, 37.65

GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1926.40. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 1926.40.

Resistance level: 2067.75, 2147.50

Support level: 1926.40, 1761.65

7 September 2020                             Afternoon Session Analysis

Pound slumped amid Brexit uncertainty.

Pound Sterling extend its losses against the US Dollar amid the US Dollar strengthened over the backdrop of the string of positive US jobs data on last week while the uncertainty with regards of the post-Brexit deals continue to weigh on the Pound Sterling. According to Reuters, the UK Prime Minister Boris Johnson claimed that the UK government has set a deadline on 15^th October to strike a free-trade deal with European Union, and if both parties are still unable to reach an agreement, the UK would trade with the European Union on WTO rules from next year onwards. In fact, the UK Brexit negotiator David Frost said that UK was not scared of a no-deal Brexit at the end of the year, which heightening the tensions between the UK and EU. Nonetheless, UK and EU would resume the talks again in London on Tuesday. Hence, investors would continue to scrutinize the development of the Brexit talk on Tuesday in order to receive further trading signal. As of writing, GBP/USD depreciated by 0.30% to 1.3241.

In the commodities market, the crude oil price appreciated by 0.91% to $39.28 per barrel as of writing amid technical correction from the biggest weekly fall on last week. The oil market edged lower last week amid spiking numbers of the coronavirus and easing oil production cuts from the OPEC and its allies including Russia had continue to weigh on the crude oil price. On the other hand, the gold price depreciated by 0.01% to $1937.10 per troy ounces amid upbeats jobs data from the United States on last week, which spurring risk-on sentiment in the FX market.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                                        Labor Day

All Day                   CAD                                        Labor 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 following prior retracement from the resistance level at 93.00. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 92.15.

Resistance level: 93.00, 93.80

Support level: 92.15, 91.75

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3230. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3355, 1.3475

Support level: 1.3230, 1.3160

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

Resistance level: 1.1890, 1.1940

Support level: 1.1830, 1.1770

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 106.40. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 106.40, 107.00

Support level: 105.25, 104.25

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7260. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7340.

Resistance level: 0.7340, 0.7410

Support level: 0.7260, 0.7155

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6685. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6755.

Resistance level: 0.6755, 0.6910

Support level: 0.6685, 0.6595

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3140. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3010.

Resistance level: 1.3140, 1.3255

Support level: 1.3010, 1.2840

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9120. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward 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 retracement from the resistance level at 43.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 36.10.

Resistance level: 43.05, 47.05

Support level: 36.10, 29.15

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1922.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1956.60.

Resistance level: 1956.60, 1990.55

Support level: 1922.10, 1882.00

07 September 2020                           Morning Session Analysis

Greenback surged after upbeat employment data.

Dollar index which gauges its value against a basket of six major currencies soared after US labour market released a series of bullish bias data, which eventually limit the recent losses of dollar. According to the Bureau of Labor Statistics (BLS), US Nonfarm Payroll data grew 1,371K, no far from the market economist expectation at 1,400K, showing that the US economy recovery are still in the right pace after pandemic shutdown. Besides, US unemployment rate also dropped significantly from July 10.2% to 8.4%, noticeably far lower than the economist forecast at 9.8%, recorded the lowest rate by far since the outbreak of coronavirus at the beginning of this year. The largest portion of drop in unemployment rate was mainly due to the surge in government rehiring activity, said by BLS. Besides, US Vice President Mike Pence also revealed that these job gains are the real evidence showing that the US economy is coming back, most of the sectors and industry undergoing a strong recovery after lockdown measure removed. However, he also reiterated that there is still a big gap and need more catalyst to get US back to where its economy were in the beginning of this year, likely a vaccine. As of writing, dollar index rose 0.12% to 92.85.

In the commodities market, crude oil price depreciated by 0.40% to $38.75 per barrel as market fears over the resurgence of covid-19 may sap the energy demand. According to the latest news, Saudi Arabia has cut their pricing for the oil sales in October, a sign that Saudi are not optimistic toward the short term future of oil market due to flare up of covid-19. Besides, gold price up 0.12% to $1936.30 a troy ounce as heightening of market worries over the pandemic.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                                        Labor Day

All Day                   CAD                                        Labor 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 following prior retracement near the resistance level at 93.25. MACD which illustrated diminishing bullish 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, Daily: GBPUSD was traded lower while currently testing the support level at 1.3255. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.3255.

Resistance level: 1.3470, 1.3590

Support level: 1.3255, 1.3045

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1840. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1840.

Resistance level: 1.1840, 1.1900

Support level: 1.1775, 1.1705

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 106.15. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 106.95.

Resistance level: 106.95, 107.90

Support level: 106.15, 105.20

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7265. 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, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6755. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6615.

Resistance level: 0.6755, 0.6835

Support level: 0.6615, 0.6535

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3045. However, MACD which illustrated bearish bias momentum suggest the pair to undergo technical correction toward the support level.

Resistance level: 1.3140, 1.3235

Support level: 1.3045, 1.2950

USDCHF, H4: USDCHF was traded higher following prior rebound from the support 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 while currently testing the support level at 39.00. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 39.00.

Resistance level: 40.25, 41.50

Support level: 39.00, 37.65

GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1926.40. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 1926.40.

Resistance level: 2067.75, 2147.50

Support level: 1926.40, 1761.65

04 September 2020                           Afternoon Session Analysis

Aussie extend losses following lower revision of Retail Sales.

During late Asian session, the Australian dollar which traded against the dollar and other currency pairs remain depressed and fell following a downward revision of Australia’s Retail Sales for July. According to Australian Bureau of Statistics, the Australian consumer spending which represented as Retail Sales have fell to 3.2%, lower than market expectation of 3.3%. At the same time, heightening tension between U.S and China also continue to weigh heavily on the pair. Following latest development, US have added another issue in its rivalry where Senior US diplomat claims China “manipulating” water flows in the Mekong River poses immediate challenge to the Southeast Asia. Meanwhile, investors will now waiting for upcoming U.S Non-farm Payroll to obtain more signal for direction. At the time of writing, AUD/USD drop 0.01% to 0.7269.

In the commodities market, crude oil price plummets 0.61% to $40.92 per barrel as of writing following speculation of weak demand. According to data on Refinitiv Eikon, the volume of crude arriving in China, the world’s largest crude importer, is set to slow in September. On the other hand, gold price edge higher 0.05% to $1936.41 a troy ounce at the time of writing following risk-off appetite due to U.S stock market tumble.

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 the higher level. MACD which illustrated diminishing bullish 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, Daily: GBPUSD was traded lower while currently testing the support level at 1.3255. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.3255.

Resistance level: 1.3470, 1.3590

Support level: 1.3255, 1.3045

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1840. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.1900.

Resistance level: 1.1900, 1.1920

Support level: 1.1840, 1.1775

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 106.15. MACD which illustrates bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 106.15, 106.95

Support level: 105.20, 104.30

AUDUSD, H4: AUDUSD was traded higher while currently testing resistance level at 0.7265. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above 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 retracement from the resistance level at 0.6755. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6615.

Resistance level: 0.6755, 0.6835

Support level: 0.6615, 0.6535

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3140. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical retracement toward the support level at 1.3030.

Resistance level: 1.3140, 1.3235

Support level: 1.3030, 1.2950

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9120. MACD which illustrates bearish 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 lower following prior retracement from the resistance level at 41.25. However, MACD which illustrated diminishing bearish momentum suggest the commodity to undergo technical correction in short term.

Resistance level: 41.25, 42.05

Support level: 40.30, 39.70

GOLD_, Daily: Gold price was traded lower following prior retracement from the higher level. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 1905.85.

Resistance level: 2067.75, 2147.50

Support level: 1905.85, 1761.65

4 September 2020                             Morning Session Analysis

Japanese Yen surged as risk-off sentiment.

The safe-haven currency such as Japanese Yen surged amid a significant selloff in the U.S. stock market on yesterday, which spurring the risk-off sentiment while prompting investors to shift their portfolio toward safe-haven currency. Big falls in Apple Inc, Alphabet, Amazon.com, Microsoft had pushed the Wall Street’s main indexes to be lower on Thursday, on track for their biggest one-day slumped since June. Analysts expected that the move was broadly driven by weak economic data which highlighting worries about a long and difficult recovery from the U.S. region. On the U.S. economic data front, the U.S. ISM Non-Manufacturing Purchasing Managers Index (PMI) notched down from the preliminary reading of 58.1 to 56.9, worse than the market forecast at 57.0. However, the U.S. Initial Jobless Claims came in at 881K, fared better than the market expectation at 950K while limiting the risk-off sentiment in the FX market. Nonetheless, investors would continue to scrutinize the latest updates with regards of the crucial U.S. jobs data tonight in order to gauge the likelihood movement for the currency. As of writing, USD/JPY depreciated by 0.08% to 106.05.

In the commodities market, the crude oil price slumped 0.38% to $41.05 per barrel as of writing. The oil market extends its losses amid the spiking number of the coronavirus continue to weigh the market demand on this black-commodity. On the other hand, the gold price slumped 0.05% to $1930.85 per troy ounces as of writing amid investors start to selloff the gold commodity while turning it into cash in order to prevent margin call from the bank.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 93.25. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 93.25, 93.80

Support level: 91.75, 92.15

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3250. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3355, 1.3475

Support level: 1.3250, 1.3160

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1835. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1890, 1.1940

Support level: 1.1835, 1.1770

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 106.40. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 105.25.

Resistance level: 106.40, 106.95

Support level: 105.25, 104.25

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7235. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7340, 0.7410

Support level: 0.7235, 0.7155

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6685. 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, 0.6910

Support level: 0.6685, 0.6595

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3010. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3255, 1.3395

Support level: 1.3010, 1.2840

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9120. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9050.

Resistance level: 0.9120, 0.9180

Support level: 0.9050, 0.9000

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 41.45. However, MACD which illustrated diminishing bearish momentums suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 42.15, 42.60

Support level: 41.45, 40.90

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1922.10. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1956.60, 1990.55

Support level: 1922.10, 1882.00

3 September 2020                             Afternoon Session Analysis

Euro slumps as doves signs.

Euro extended its losses during mid-Asian trading session following dovish signal given by member of European Central Bank (ECB). According to ECB Chief Economist Philip Lane, he said that the exchange rate in between euro and US dollar does play a significant role towards their monetary policy. The comment suggests that the central bank is paying attention upon recent appreciation in euro as it may dampen the prospect to achieve their inflation target of 2%. Higher exchange rate tends to put pressure upon exports which may led to slower economic recovery in the EU zone. As such, investors fear that ECB may initiate open market operations to control the appreciation in euro, thus short-selling the currency subsequent to Lane’s dovish remark. In addition, euro receives extensive bearish pressure following bearish economic data from Germany (euro largest economy). For the month of July, German Retail Sales shrank by -0.9%, significantly lower than forecast of 0.5%. For the time being, investors will place their attention upon future economic release from EU in order to gauge euro’s near-term trend direction. As of writing, pair of EUR/USD fell 0.19% to 1.1830.

In the commodities market, crude oil price rebounds by 0.43% to $41.69 per barrel. Oil prices continues to trade within a tight range as investors continues to monitor global demand for crude oil. On the other hand, gold price rose 0.31% to $1,948.83 a troy ounce due to weaker US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22.00                     GBP                                       BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 92.60. MACD which illustrated bullish bias momentum suggest the index to extend its gains toward the resistance level at 93.25.

Resistance level: 93.25, 94.10

Support level: 92.60, 92.10

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3470. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3255.

Resistance level: 1.3470, 1.3590

Support level: 1.3255, 1.3045

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1840. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.1775.

Resistance level: 1.1840, 1.1900

Support level: 1.1775, 1.1705

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 106.15. MACD which illustrates bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 106.15, 106.95

Support level: 105.20, 104.30

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7330. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7265.

Resistance level: 0.7330, 0.7405

Support level: 0.7265, 0.7205

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6755. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above resistance level at 0.6755.

Resistance level: 0.6755, 0.6920

Support level: 0.6615, 0.6535

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3030. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3140.

Resistance level: 1.3140, 1.3235

Support level: 1.3030, 1.2950

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9120. However, MACD which illustrates diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the lower level.

Resistance level: 0.9120, 0.9200

Support level: 0.9050, 0.8975

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 41.45. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 42.15, 42.60

Support level: 41.45, 40.90

GOLD_, H4: Gold price was traded higher following prior rebound from bottom level of triangle. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1953.45.

Resistance level: 1953.45, 1981.40

Support level: 1916.20, 1881.40

03 September 2020                           Morning Session Analysis

Dollar rebound slowed amid disappointing jobs data.

The dollar index which traded against a basket of six major currency pairs was slowed down and retreat following downbeat employment data. According to Automatic Data Processing Inc (ADP), the ADP Employment Change data which reflect changes in business payrolls have only increased by 428k, lesser than market expectation of 950k. The data have suggested that the recovery in U.S labor remains gradual with the employment is well below pre-pandemic level. At the same time, the Paycheck Protection Program which help support employment in recent months have expired and U.S lawmakers are still facing difficulty in passing another comprehensive stimulus package. Following the disappointing results, investors are now also worries that the upcoming Non-Farm Payroll report will also provide the same results, thus weighing heavily on the greenback currently. At the time of writing, dollar index slips 0.12% to 92.59.

In the commodities market, crude oil price plummets 0.19% to $41.68 per barrel as of writing despite with a favourable inventory report. According to EIA, crude oil inventories fell by 9.362 million barrels, surpassing market expectation with a drop of only 1.887 million barrel. However, the data still unable to excite investors due to upcoming refiner maintenance season. The maintenance work is coincide in the summertime fuel consumption, thus giving a warning that the demand for oil may further weaken. On the other hand, gold price edge higher 0.09% to $1943.24 a troy ounce at the time of writing amid slowed dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22.00                     GBP                       BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel. However, MACD which illustrate diminishing bullish momentum suggest the dollar to be traded lower in short term towards the support level 92.05.

Resistance level: 94.00, 95.70

Support level: 92.05, 90.70

GBPUSD, H4: GBPUSD was traded higher following prior rebound from its low level. MACD which display diminishing bearish momentum suggest the pair to extend its rebound in short term towards the resistance level 1.3420.

Resistance level: 1.3420, 1.3570

Support level: 1.3265, 1.3165

EURUSD, H4: EURUSD was traded lower following recent breakout below the previous support level 1.1875. However, MACD which illustrate diminishing bearish momentum suggested the pair to experience a short term technical correction towards the current resistance level 1.1875.

Resistance level: 1.1875, 1.1950

Support level: 1.1775, 1.1690

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 106.25. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 105.20.

Resistance level: 106.25, 106.95

Support level: 105.20, 104.35

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7385. However, MACD which display diminishing bearish momentum signal suggest the pair to be traded higher as a short term technical correction towards back the resistance level 0.7385.

Resistance level: 0.7385, 0.7460

Support level: 0.7275, 0.7190

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6775. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6775, 0.6830

Support level: 0.6685, 0.6590

USDCAD, H4: USDCAD was traded lower following prior retracement from the MA lines. MACD which illustrate diminishing bullish bias signal suggest the pair to extend its retracement in short term towards the support level 1.2995.

Resistance level: 1.3115, 1.3230

Support level: 1.2995, 1.2890

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9125. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction towards the support level 0.8985.

Resistance level: 0.9125, 0.9225

Support level: 0.8985, 0.8880

CrudeOIL, H4: Crude oil price was traded lower following recent breakout below the previous support level 42.60. MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the support level 41.05.

Resistance level: 42.60, 43.95

Support level: 41.05, 39.60

GOLD_, H4: Gold price was traded lower following recent retracement from the resistance level 1970.55. MACD which illustrate bearish bias signal suggest the commodity to extend its retracement towards the support level 1908.55.

Resistance level: 1970.55, 2016.10

Support level: 1908.55, 1857.95

02 September 2020                           Afternoon Session Analysis

Pound weaken amid talk deadlock remains.

Pound sterling which broadly traded by the market participants in Fx market retreated from its 9 month highs level amid growing likelihood of no deal Brexit. Since after UK voted to leave EU bloc, UK has entered into transition period where it allow these two parties to strike for a deal by the end of 31^st December while permitted UK to stay in the custom union and single market. However, UK and EU still unable to achieve a consensus as of now, while showing no tolerance in the recent Post-Brexit talks. Besides, Prime Minister Boris Johnson spokesman also revealed that the EU bloc are still insisting UK must accept continuity of state aid and fisheries policy. However, UK side does not agree with these Post-Brexit terms as they will have their own regime of subsidy control and will not subject to the state aid. Therefore, UK and EU decided to hold emergency talk as the prospect of reaching a deal faded while getting closer to the deadline. As of writing, the pair of GBP/USD inched down 0.02% to 1.3375.

In the commodities market, crude oil price appreciated 0.87% to $43.15 per barrel amid higher-than-expected US manufacturing data boosted up the market hopes over the recovery of US economy from the fallout of Covid-19. Besides, gold price dropped 0.35% to $1963.65 per troy ounce as upbeat economic data dragged down the appeal of safe haven gold.

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, H1: Dollar index was traded higher while currently near the resistance level at 92.50. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 92.50, 93.25

Support level: 91.75, 91.25

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3260. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3505.

Resistance level: 1.3505, 1.3700

Support level: 1.3260, 1.3035

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1890. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1940, 1.1995

Support level: 1.1890, 1.1835

USDJPY, H4: 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 106.40.

Resistance level: 106.40, 106.95

Support level: 105.40, 104.25

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7340. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7410, 0.7505

Support level: 0.7340, 0.7265

NZDUSD, Weekly: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6755. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6910.

Resistance level: 0.6910, 0.7105

Support level: 0.6755, 0.6510

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.3010. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3255.

Resistance level: 1.3255, 1.3395

Support level: 1.3010, 1.2840

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9115. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9115, 0.9180

Support level: 0.9050, 0.9000

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 43.05. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering the market.

Resistance level: 43.05, 48.25

Support level: 36.05, 29.10

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1956.60. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 2005.65, 2047.15

Support level: 1956.60, 1911.40

02 September 2020                           Morning Session Analysis

Dollar regains footing following positive data.

During early Asian session, the dollar index which traded against a basket of six major currency pairs have rose from session lows following better-than-expected data help limit downside potential. According to Institute for Supply Management (ISM), the ISM Manufacturing Index which reflect business conditions in the U.S manufacturing sector have improved to 56.0, surpassing market expectation of 54.5. On top of that, the ISM Manufacturing Employment Index also rose to 46.4 in August, better than market expectation of 45.8. Overall, the data have proved that the recovery in U.S manufacturing remain on track, thus help boosting the value of the greenback. However, as Fed Governor Lael Brainard stated that the Fed should adopt a more aggressive monetary approach, the greenback potential upside may be limited as investors continue to remain cautious while awaiting for further confirmation. At the time of writing, dollar index rose 0.18% to 92.70.

In the commodities market, crude oil price nudge higher 0.15% to $43.00 per barrel as of writing following a decline in crude inventories. According to American Petroleum Institute (API), U.S crude oil inventories fell by 6.36 million barrels last week. The decline was due to Hurricane Laura which caused U.S producers to halt their operation last week. On the other hand, gold price slips 0.08% to $1969.91 a troy ounce at the time of writing following positive data which diminishing the appeal of safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel while currently retest the support level 92.05. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggested the dollar to be traded higher as a technical correction towards the resistance level 94.00.

Resistance level: 94.00, 95.70

Support level: 92.05, 90.70

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3420. However, MACD which display bearish momentum signal with the formation of death cross suggested the pair to experience a technical correction towards the support level 1.3265.

Resistance level: 1.3420, 1.3570

Support level: 1.3265, 1.3165

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1950. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.1875.

Resistance level: 1.1950, 1.2085

Support level: 1.1875, 1.1775

USDJPY, H4: USDJPY was traded higher following recent rebound from its low levels. MACD which illustrate bullish momentum signal suggest the pair to extend its gains in short term towards the resistance level 106.25.

Resistance level: 106.25, 106.95

Support level: 105.20, 104.35

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7385. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower as a technical correction towards the support level 0.7275.

Resistance level: 0.7385, 0.7460

Support level: 0.7275, 0.7190

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6720. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to experience technical correction towards the support level 0.6885.

Resistance level: 0.6770, 0.6830

Support level: 0.6685, 0.6590

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2995. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.3115.

Resistance level: 1.3115, 1.3230

Support level: 1.3030, 1.2960

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9110. MACD which illustrate ongoing bullish momentum suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.9110, 0.9225

Support level: 0.8985, 0.8880

CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing near the support level 42.60. However, MACD which display bearish bias signal suggest the commodity to be traded lower after it breaks below the support level.

Resistance level: 43.95, 46.20

Support level: 42.60, 41.05

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1961.35. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 2016.10, 2075.40

Support level: 1961.35, 1908.55

01 September 2020                           Afternoon Session Analysis

Aussie surged amid upbeat data.

The Australian Dollar surged over the backdrop of the string of upbeat economic data from the Australia and China region in the early morning. According to Australian Bureau of Statistics, the Australia Current Account had improved significantly from the previous reading of 8.4B to 17.7B, much better than the market forecast at 13.0B, which indicating that the export value from the Australia remained strong even though the coronavirus pandemics still persisted. Besides that, the Markit reported that the China Caixin Manufacturing Purchasing Managers Index (PMI) notched up from the preliminary reading of 52.8 to 53.1, which confounding market forecast for a reading of up to 52.6, which spurring positive prospect for the Chinese’s proxy currency Australian Dollar. In addition, the Australian central bank decided to maintain the targets for its interest rate at 0.25%, while reiterated that they will continue to eye on global growth risk, more stimulus can be anticipated if the course of events urge their economy growth goes against their expectation. As of writing, AUD/USD appreciated by 0.30% to 0.7396.

In the commodities market, the crude oil price surged 0.38% to $42.88 per barrel as of writing. The oil market edged higher amid the crude oil supply from the U.S. Gulf of Mexico remained down 70%, or 1.29 million barrels per day, according to data released on Sunday by the Department of Interior. On the other hand, the gold price appreciated by 0.85% to $1985.10 per troy ounces as of writing amid investors still digesting the dovish statement from the U.S. Federal Reserve Chairman Jerome Powell’s last week.

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 92.10. MACD which illustrated bearish bias momentum suggest the index to extend its losses toward the support level at 91.45.

Resistance level: 92.10, 92.60

Support level: 91.45, 90.75

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3255. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 1.3470.

Resistance level: 1.3470, 1.3590

Support level: 1.3255, 1.3045

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1990. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1990, 1.2060

Support level: 1.1950, 1.1900

USDJPY, H4: USDJPY was traded lower following prior retracement near the resistance level at 106.15. MACD which illustrates diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 105.20.

Resistance level: 106.15, 106.95

Support level: 105.20, 104.30

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7380. MACD which illustrated bullish bias momentum suggest the pair to be traded higher toward the resistance level at 0.7445.

Resistance level: 0.7445, 0.7480

Support level: 0.7380, 0.7330

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6755. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above resistance level at 0.6755.

Resistance level: 0.6755, 0.6920

Support level: 0.6615, 0.6535

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3030. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3140, 1.3235

Support level: 1.3030, 1.2950

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9050. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 0.9050, 0.9120

Support level: 0.8975, 0.8905

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 42.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 43.50.

Resistance level: 43.50, 44.35

Support level: 42.75, 42.05

GOLD_, Daily: Gold price was traded higher following prior rebound from the support level at 1905.85. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 2069.75.

Resistance level: 2069.75, 2147.50

Support level: 1905.85, 1761.65

01 September 2020                           Morning Session Analysis

Dollar extend losses amid signal of prolonged low rates.

During early Asian session, the dollar index which traded against a basket of six major currency pairs have fell and reach 2 year low following signals from Fed Vice Chairman to maintain low and longer interest rates. Recently, the Fed has adjusted its policy after Chairman Jerome Powell laying out a plan to allow inflation to run above the 2% target in order boost job growth and the economy. On top of that, Fed Vice Chairman Richard Clarida also mention that the central bank may revisit the idea of yield curve control which is a measure to curb against interest rates increasing too quickly that will in turn hurt lending activity. The plan to focus on inflation would eroded the purchasing power of the dollar, thus weighing negatively on the greenback which also continue to pressure the dollar. At the time of writing, dollar index fell 0.23% to 92.13.

In the commodities market, crude oil price remain buoyant and rose 0.11% to $42.84 per barrel as of writing following rising demand from China. According to reports, China oil demand is stated to have risen by 16.7% at 14.16 million barrels per day which reflects the strength of China’s economic recovery. China imports of U.S crude oil also reach a record high last month and expected to rise further in September due to U.S-China trade talks. On the other hand, gold price remains stable and edge higher 0.08% to $1966.85 a troy ounce at the time of writing following ongoing dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12.30                      AUD                      RBA Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel while currently testing the support level 92.05. However, MACD which illustrate diminishing bearish momentum suggested the dollar to experience a technical correction towards the resistance level94.00.

Resistance level: 94.00, 95.70

Support level: 92.05, 90.70

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3420. However, MACD which display diminishing bullish momentum suggested the pair to experience a technical correction towards the support level 1.3265.

Resistance level: 1.3420, 1.3570

Support level: 1.3265, 1.3165

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1950. However, MACD which illustrate diminishing bullish momentum suggested the pair to be traded lower as a technical correction in short term towards the support level 1.1875.

Resistance level: 1.1950, 1.2085

Support level: 1.1875, 1.1775

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 105.20. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 106.25.

Resistance level: 106.25, 106.95

Support level: 105.20, 104.35

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7385. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.7275.

Resistance level: 0.7385, 0.7460

Support level: 0.7275, 0.7190

NZDUSD, H4: NZDUSD was traded flat near the resistance level 0.6750. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to be traded lower as a technical correction towards the support level 0.6685.

Resistance level: 0.6750, 0.6830

Support level: 0.6685, 0.6590

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.3030. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a short term technical correction towards the resistance level 1.3115.

Resistance level: 1.3115, 1.3230

Support level: 1.3030, 1.2960

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.8985. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.9110.

Resistance level: 0.9110, 0.9225

Support level: 0.8985, 0.8880

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 42.60. MACD which illustrate bearish bias signal suggest the commodity to extend its losses after it breaks below the support level 42.60.

Resistance level: 43.95, 46.20

Support level: 42.60, 41.05

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1970.55. However, MACD which display diminishing bullish momentum signal suggest the commodity to be traded lower as a technical correction towards the support level 1908.55.

Resistance level: 1970.55, 2016.10

Support level: 1908.55, 1857.95

31 August 2020                  Afternoon Session Analysis

Fed’s average inflation target, weighing on US Dollar.

The Dollar index which gauge against a basket of six major currency extend its losses on Monday amid investors still digesting the U.S Federal Reserve Chairman Jerome Powell’s statement during the Jackson Hole symposium in last week. The Federal Reserve Chairman Jerome Powell fuelled expectations that the U.S. Interest rates could remain low for a long time to come by signalling that the U.S. Central Bank would aim or inflation rates to average 2%. The latest central bank’s approach had triggered market worries toward the economic progression from the United States, while spurring significant selloff for the US Dollar. As for now, investors would continue to scrutinize the speeches from a new other Federal Officials, with Vice Chairman Richard Clarida and Atlanda Fed President Raphael Bostic which held later in the day in order to gauge the likelihood movement for the pair. As of writing, the Dollar Index slumped 0.14% to 92.19.

In the commodities market, the crude oil price surged 1.84% to $43.10 per barrel as of writing. The oil market higher amid the hurricane threat in the Gulf of Mexico, which prompting the Laura oil energy company to shut in 84% of offshore oil production. The supply shock destruction had spurred bullish momentum toward the crude oil price. Besides, the U.S. Baker Hughes Oil Rig Count had reduced from the previous reading of 183 to 180, which sparkling positive prospect for the crude oil price in future. On the other hand, the gold price appreciated by 0.29% to $1969.90 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   GBP                                        Bank Holiday

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 the support level at 92.10. MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 92.50, 92.95

Support level: 92.10, 91.25

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.3365. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3365, 1.3475

Support level: 1.3250, 1.3155

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1915. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1915, 1.2040

Support level: 1.1785, 1.1710

USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 105.30. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 105.85.

Resistance level: 105.85, 106.40

Support level: 105.30, 104.80

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7380. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7380, 0.7570

Support level: 0.7130, 0.6820

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6735. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6735, 0.6810

Support level: 0.6690, 0.6640

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.3140. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3045.

Resistance level: 1.3140, 1.3225

Support level: 1.3045, 1.2950

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9000. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9195, 0.9365

Support level: 0.9000, 0.8775

CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 43.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 43.40.

Resistance level: 43.40, 43.75

Support level: 42.65, 42.30

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1956.60. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 2005.65, 2034.15

Support level: 1956.60, 1911.40