Daily Analysis

31 August 2020                  Morning Session Analysis

Japanese Yen surged following Shinzo Abe’s resignation.

Japanese Yen which broadly act as the major safe haven currency jumps significantly after Japan Prime Minister announced that he would step down from its current position due to worsening of health condition. According to the latest news, 65 years old Shinzo Abe has decided to resign as he has been struggling with a relapse of his chronic illness since few years ago. Besides, he also made an apology in the press conference, where he could not stand together with the Japanese as well as the global to fight against the pandemic. Back to year 2012, Shinzo Abe has introduced an economic policies which known as ‘Abenomics’ in Japan. Basically, Abenomics consists of monetary easing from Bank of Japan, fiscal stimulus through government spending and structural reforms which literally aimed to revive the economy after years of deflation happened in Japan. Despite the effectiveness of Abenomics was not as useful as observers had hoped, but it still managed to spark up the economy GDP and stabilized the economy growth. Nevertheless, the future outlook of Japan turns faded as investors still eyeing on the successor of Shinzo Abe in the backdrop of economy is still struggling under pandemic’s fallout. During Asian early trading session, the pair of USD/JPY rebounded 0.31% to 106.65.

In the commodities market, as of writing the crude oil price depreciated by 0.05% to $42.95 per barrel as the market fears over the Hurricane Laura eased as it unlikely to have sustained impact on the oil price. Market expert predicted that oil production will be recovered quickly as the intensity of hurricane is not as strong as the previous expectation. Besides, gold price appreciated 0.48% to $1973.65 a troy ounce as recent shift of inflation target policy in US prompted investor to flee into safe haven gold.

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 bearish bias momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 92.60, 93.25

Support level: 92.10, 91.45

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 following prior breakout above the previous resistance level at 1.1900. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.

Resistance level: 1.1950, 1.1990

Support level: 1.1900, 1.1840

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 105.20. MACD which illustrates diminishing bearish momentum suggest the pair to extend its rebound 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 while currently testing the resistance level at 0.7380. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7380, 0.7445

Support level: 0.7330, 0.7265

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 following prior retracement from the higher level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3140, 1.3235

Support level: 1.3030, 1.2950

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9050. However, MACD which illustrates diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9050, 0.9120

Support level: 0.8975, 0.8905

CrudeOIL, H4: 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 43.40.

Resistance level: 43.40, 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

28 August 2020                  Afternoon Session Analysis

Japanese Yen plummet amid downbeat CPI.

The Japanese Yen which traded against the greenback and other currency pairs have fell during late Asian session following the release of Tokyo CPI earlier today. According to Japan’s Statistic Bureau, the headline CPI deteriorate to 0.3%, missing market expectation of 0.8%. At the same time, core CPI which exclude fresh food also fell to 0.3% which is also weaker than market expectation of 0.3%. The downbeat results have join into the risk-on mood which diminished the value of the safe-haven currency. On top of that, market also continue to react towards hopes of further easy money from Fed Chairman Jerome Powell which he mention that the Fed is ready to offer Average Inflation Targeting (AIT), a move that will result in prolonged low-interest. At the time of writing, USD/JPY rose 0.20% to 106.73.

In the commodities market, crude oil price slips 0.11% to $43.05 per barrel as of writing following producers seems to avoided the storm. Hurricane Laura hit Louisiana which damaging buildings, knocking down trees and cutting power to more than 650,000 people in Louisiana and Texas, but refineries were spared from feared massive flooding. At the same time, the Port of Houston which is U.S top crude oil export hub was in the process of reopening to commercial shipping. On the other hand, gold price dips 0.05% to $1934.13 a troy ounce at the time of writing amid increasing risk-on mood.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

21:05                  GBP                    BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the 20 and 50 moving average line. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to undergo technical correction toward higher level.

Resistance level: 93.25, 94.10

Support level: 92.60, 92.10

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3140. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3255.

Resistance level: 1.3255, 1.3320

Support level: 1.3140, 1.3045

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

Resistance level: 1.1840, 1.1900

Support level: 1.1775, 1.1705

USDJPY, H4: USDJPY was traded higher while currently testing the top level of upward channel. MACD which display bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the upward channel.

Resistance level: 106.95, 107.90

Support level: 106.15, 105.20

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7265. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7330.

Resistance level: 0.7330, 0.7375

Support level: 0.7265, 0.7205

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6615. MACD which illustrate bullish bias momentum and the formation of golden cross signal suggest the pair to extend its gains toward the resistance level at 0.6755.

Resistance level: 0.6755, 0.6920

Support level: 0.6615, 0.6535

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3140. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3025.

Resistance level: 1.3140, 1.3235

Support level: 1.3025, 1.2950

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9120. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

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 42.75. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 43.40, 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 illustrate diminishing bearish momentum signal 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

28 August 2020                  Morning Session Analysis

Dollar slumped over the Fed’s dovish tone.

The Dollar index which gauge against a basket of six major currency slumped over the dovish tone from the Federal Reserve on yesterday. According to Reuters, the Federal Reserve Chairman Jerome Powell said that the U.S. central bank would continue to roll out an aggressive new stimulus plan in order to boost the U.S. employment and inflation rate in the United States. Besides, he reiterated that the U.S. central bank will seek to achieve average target inflation at 2% for the year while ensuring employment rate does not fall short of its maximum level. As for now, they will remain their footsteps at monetary easing while eyeing on global growth risk, more stimulus can be anticipated if the course of events urges their economy growth goes against their expectation. Nonetheless, the losses experienced by the dollar index was limited over the backdrop of the positive data from the U.S. region. The U.S. Pending Home Sales and U.S. Gross Domestic Product came in at 5.9% and -31.7%, which fared better than the market forecast at 3.0% and -32.5% respectively. As of writing, the Dollar index depreciated by 0.01% to 92.95.

In the commodities market, as of writing the crude oil price slumped 0.08% to $42.90 per barrel. The oil market edged lower amid investors fears that the spiking numbers of the coronavirus infections can continue to harm the market demand on the crude oil commodity. Meanwhile, investors would continue to scrutinize the latest updates with regards of the vaccine development in order to gauge the likelihood movement for this black-commodity in the future. On the other hand, the gold price appreciated by 0.12% to $1927.45 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

21:05                  GBP                    BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was lower following prior retracement from the resistance level at 93.30. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 92.55.

Resistance level: 93.30, 93.80

Support level: 92.55, 92.05

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3250. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3155.

Resistance level: 1.3250, 1.3340

Support level: 1.3155, 1.3060

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1890. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1785.

Resistance level: 1.1885, 1.2040

Support level: 1.1785, 1.1710

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 106.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 107.35.

Resistance level: 107.35, 108.40

Support level: 106.40, 105.40

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7270. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7270, 0.7340

Support level: 0.7240, 0.7200

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6625. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6690, 0.6735

Support level: 0.6625, 0.6575

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3120. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3225, 1.3315

Support level: 1.3120, 1.2950

USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level at 0.9185. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9185, 0.9385

Support level: 0.9005, 0.8795

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the previous resistance level at 43.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 42.65.

Resistance level: 43.05, 43.40

Support level: 42.65, 42.30

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1956.60. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1911.40.

Resistance level: 1956.60, 2005.65

Support level: 1911.40, 1867.70

27 August 2020                  Afternoon Session Analysis

Aussie remain buoyant amid upbeat Capex data.

During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have rose following a better-than-expected business data from Australia helps the pair to stay afloat. According to the Australian Bureau of Statistics, business spending which represented as private capital expenditure came in at -5.9%, better than market expectation of -8.4%. On top of that, Australia’s biggest trading partner, China also reported soaring profits which helps providing further sentiment for Aussie. Following the data figures from China’s statistic bureau, profits at China’s industrial firms grow 19.6% to 589.5 billion yuan. It was the third straight month of profit growth in this and signalling that the economy’s recovery from the coronavirus is getting stronger. However, due to the straining relationship between China and U.S, potential upside may capped while market awaits for more catalyst to determine further momentum for the pair. At the time of writing, AUD/USD rose 0.05% to 0.7235.

In the commodities market, crude oil price remain steady and edge higher 0.04% to $43.31 per barrel as of writing following concerns towards the impact on supply due to massive storm. Following latest development, Hurricane Laura intensified on Wednesday and is now forecast to bring heavy rains and catastrophic. Nine refineries that convert nearly 2.9 million barrels per day of oil were shut down. On the other hand, gold price regains control and soars 0.15% to $1943.61 a troy ounce at the time of writing as market braced for a dovish speech from Jerome Powell on the annual Jackson Hole symposium.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

21:10                  USD                    Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the channel’s bottom level. MACD which illustrate bearish momentum signal suggest the dollar 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 breakout above the previous resistance level at 1.3140. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3255.

Resistance level: 1.3255, 1.3320

Support level: 1.3140, 1.3045

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1840. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement 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 following prior rebound from the bottom level of upward channel. However, MACD which display bearish bias momentum suggest the pair to undergo technical correction in short term toward lower level.

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 0.7205. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term toward lower level.

Resistance level: 0.7265, 0.7330

Support level: 0.7205, 0.7150

NZDUSD, Daily: NZDUSD was traded higher while currently testing near the resistance level at 0.6615. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6615, 0.6755

Support level: 0.6535, 0.6480

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3140. However, MACD which illustrates diminishing bearish momentum suggest the pair to undergo technical rebound in short term.

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 bearish bias 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 43.40. However, MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 42.75.

Resistance level: 43.40, 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 illustrate diminishing bearish momentum signal 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

27 August 2020                  Morning Session Analysis

Dollar slumped ahead of key Fed speech.

The Dollar index which gauge against a basket of six major currency slumped amid market participants are bracing for the Federal Reserve latest massive policy in order to boost up the U.S. economy during the annual Jackson Hole retreat on Thursday. Besides, the US Dollar extend its losses following the data on Wednesday showed that the growth in the U.S. Durable goods orders remained subdued in July, highlighting policymakers’ concerns over the economic growth from the United Stated. According to Census Bureau, the U.S Core Durable Goods Orders for last month notched down significantly from the previous reading of 4.0% to 2.4%, though the data was still slightly fared better than market expectation at 2.0%. In addition, the failure for the U.S. government to manage the outbreak of the coronavirus had spurred further bearish momentum for the US Dollar. According to Worldometers.info, the coronavirus infections from the US region had spiked up more than 45,000 people while 1169 people were killed by the coronavirus on yesterday. Nonetheless, investors would scrutinize the latest updates with regards on the Jackson hole Symposium meeting to receive further trading signal. As of writing, the Dollar Index depreciated by 0.14% to 92.85.

In the commodities market, the crude oil price surged 0.12% to $43.40 per barrel as of writing over the backdrop of the upbeat crude oil inventory data on yesterday. According to Energy Information Administration, the U.S. Crude oil inventories declined from the preliminary reading of -1.632M to -4.689M, much lesser than the market forecast at -3.694M. On the other hand, the gold price surged 0.05% to $1953.10 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

21:10                  USD                    Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level at 93.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 92.55.

Resistance level: 93.25, 93.80

Support level: 92.55, 92.05

GBPUSD, H1: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3155. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3250, 1.3340

Support level: 1.3155, 1.3060

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1785. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1885.

Resistance level: 1.1885, 1.1955

Support level: 1.1785, 1.1710

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 106.40. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 105.40.

Resistance level: 106.40, 107.35

Support level: 105.40, 104.25

AUDUSD, H1: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7240. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7270.

Resistance level: 0.7270, 0.7315

Support level: 0.7240, 0.7205

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6625. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6690, 0.6735

Support level: 0.6625, 0.6575

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3130. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3225, 1.3315

Support level: 1.3130, 1.3060

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

Resistance level: 0.9130, 0.9185

Support level: 0.9065, 0.9010

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the previous resistance level at 43.40. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 43.05.

Resistance level: 43.40, 43.75

Support level: 43.05, 42.65

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1956.60. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1956.60, 2005.65

Support level: 1911.40, 1867.70

26 August 2020                  Afternoon Session Analysis

Dollar sluggish amid weak data.

During late Asian session, the dollar index which traded against a basket of six major currency pairs remain sluggish and fell following disappointing results on recent data release. According to Conference Board, U.S consumer confidence have fell to 84.8, lower than market forecast and also previous July reading of 93 and 91.7 respectively. It is also the lowest level since May 2014 due to Covid-19. As of now, traders are now expecting that U.S durable goods orders that will be released later today will also slowed down. On top of that, traders will also focus to Powell’s speech at the annual Jackson Hole on Thursday to determine the direction of FED on protecting the U.S fragile economy. At the time of writing, dollar index slips 0.09% to 93.04.

In the commodities market, crude oil price soars 0.18% to $43.32 per barrel at the time of writing as producers braced for storm threat. As of now, the U.S energy industry is preparing to face the major hurricane strike which have led to 310 offshore facilities have been evacuated and around 84% of offshore production has been shut down. On the other hand, gold price remains stable and edge higher 0.05% to $1926.38 a troy ounce as of writing amid sluggish dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the channel bottom level. MACD which illustrate bearish momentum and the formation of death cross signal suggest the dollar 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 while currently testing near the resistance level at 1.3140. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3140.

Resistance level: 1.3140, 1.3255

Support level: 1.3045, 1.2985

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1840. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement 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 following prior breakout above the previous resistance level at 106.15. MACD which display 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 lower following prior retracement from the resistance level at 0.7205. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.7180.

Resistance level: 0.7205, 0.7235

Support level: 0.7180, 0.7145

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6535. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo technical correction toward higher level.

Resistance level: 0.6615, 0.6755

Support level: 0.6535, 0.6480

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3150. However, MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3315.

Resistance level: 1.3315, 1.3500

Support level: 1.3150, 1.3025

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

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 43.40. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 43.40.

Resistance level: 43.40, 44.35

Support level: 42.75, 42.05

GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1905.85. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to undergo technical correction toward the resistance level at 2069.75.

Resistance level: 2069.75, 2147.50

Support level: 1905.85, 1761.65

26 August 2020                  Morning Session Analysis

Euro surged amid positive economic data.

EUR/USD surged over the backdrop of string of the upbeat economic data from the German region on yesterday. According to Statistisches Bundesamt Deutschland, the Germany Gross Domestic Product (GDP) for last quarter came in at -9.7%, unexpectedly better than the economist forecast at -10.01%. Similarly, the ifo Institute for Economic Research reported that the Germany Ifo Business Climate Index had notched up from the preliminary reading of 90.4 to 92.6, confounding market forecast for a reading of up to 92.2. As both data were fared better than market expectation, which dialled up the market optimism toward the economic progression from the European Union while spurring bullish momentum for the Euro. On the Brexit front, the trade talks between the European region and UK have made little progress despite months of negotiations, making a no deal scenario more likely by the day. Besides, the EU’s chief negotiator Michel Barnier said he felt disappointed with the stalemate last week. Hence, such negative sentiment had limited the gains experienced by the Euro. As of writing, EUR/USD appreciated by 0.03% to 1.1835.

In the commodities market, the crude oil price surged 0.23% to $43.42 per barrel as of writing. The oil market edged higher following the U.S. oil stockpiles declined by 4.5-million-barrel last week, according to the American Petroleum Institute (API). Hence, such positive data had provided positive prospect for the oil demand in future while providing further bullish support for this black-commodity. On the other hand, the gold price slumped 0.06% to $1928.50 per troy ounces amid positive existing home sales data from the United State region.

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 lower following prior retracement from the resistance level at 93.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 92.55.

Resistance level: 93.30, 93.80

Support level: 92.55, 92.05

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

Resistance level: 1.3150, 1.3250

Support level: 1.3060, 1.3000

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1785. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1890.

Resistance level: 1.1890, 1.2040

Support level: 1.1785, 1.1710

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 106.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 106.55, 107.35

Support level: 105.40, 104.25

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7205. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7205, 0.7235

Support level: 0.7140, 0.7075

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6525. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6575.

Resistance level: 0.6575, 0.6690

Support level: 0.6525, 0.6465

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3225. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3130.

Resistance level: 1.3225, 1.3315

Support level: 1.3130, 1.2950

USDCHF, H4: USDCHF was traded lower following prior retracement from the downward trend line. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9005.

Resistance level: 0.9185, 0.9385

Support level: 0.9005, 0.8795

CrudeOIL, H1: Crude oil price was higher while currently testing the resistance level at 43.40. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 43.40, 43.75

Support level: 43.05, 42.65

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1910.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1956.60.

Resistance level: 1956.60, 2005.65

Support level: 1910.50, 1867.70

25 August 2020                  Afternoon Session Analysis

Aussie climbs following easing US-China tensions.

The Aussie dollar which traded against the dollar and other currency pairs have regain its momentum and rose during late Asian session following positive progress on phase on China trade deal. US trade representative Robert Lighthizer and treasury secretary Robert Mnuchin have participated in a scheduled call with China’s Premier Liu to discuss about the implementation of phase on trade deal which have been reached earlier this year. According to the official statement, both parties have witness ongoing progress and are committed to taking the necessary steps to ensure the success of the agreement. Following the positive trade news, risk sentiment have been bolstered, thus also pushing the Aussie higher. At the time of writing, AUD/USD rose 0.19% to 0.7172.

In the commodities market, crude oil price remains stable and edge higher 0.60% to $42.55 per barrel as of writing following output reduction which driven by storm continue to weigh on the sentiment. Due to Storm Marco and Laura, producers have shut more than 1.5 million barrel of offshore oil production which currently help supporting the price of commodity. On the other hand, gold price slips 0.05% to $1934.42 a troy ounce at the time of writing following heightening risk appetite in the market which attract buyers to shift their portfolio to riskier market.

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 following prior retracement from the resistance level at 93.25. MACD which illustrate diminishing bullish momentum signal suggest the dollar 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 support level at 1.3045. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound toward the resistance level at 1.3140.

Resistance level: 1.3140, 1.3255

Support level: 1.3045, 1.2985

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1770. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1840.

Resistance level: 1.1840, 1.1900

Support level: 1.1770, 1.1705

USDJPY, H4: USDJPY was traded higher following prior rebound from the lower level. MACD which display bullish bias momentum suggest the pair to extend its gains toward the resistance level at 106.15.

Resistance level: 106.15, 106.95

Support level: 105.05, 104.30

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the upward trend line. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7180.

Resistance level: 0.7180, 0.7205

Support level: 0.7145, 0.7110

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6535. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo technical correction toward higher level.

Resistance level: 0.6535, 0.6615

Support level: 0.6480, 0.6380

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3150. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3315.

Resistance level: 1.3315, 1.3500

Support level: 1.3150, 1.3025

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

Resistance level: 0.9120, 0.9200

Support level: 0.9050, 0.8975

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 42.75.

Resistance level: 42.75, 43.40

Support level: 42.05, 41.15

GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1905.85. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to undergo technical correction toward the resistance level at 2069.75.

Resistance level: 2069.75, 2147.50

Support level: 1905.85, 1761.65

25 August 2020                  Morning Session Analysis

Pound slumped over the fears of hard-Brexit.

The lack of progress over the trade negotiation between the British and European Union negotiators has left scant hope on soft-Brexit, sapping the market demand on the Pound Sterling. According to Reuters, both sides claimed that they made no real progress in their latest talks with regards of the post-Brexit relationship after a transition period expired at the end of December. Failure for both parties to reach a deal would leave Britain trading with the European Union under World Trade Organization (WTO) rules. Nonetheless, investors will shift their focus in this week toward the monetary polcy statement from the Bank of England (BoE) to receive further trading signal while gauging the likelihood movement for the pair. In earlier, the Bank of England (BoE) had cut the interest rate twice since March from 0.75% to 0.1% in response to combating the economical damage due to coronavirus pandemic. As of writing, GBP/USD appreciated by 0.04% to 1.3065.

In the commodities market, the crude oil price surged 0.24% to $42.43 per barrel as of writing. The oil market extends its gains following the major energy companies cut its oil production at U.S. Gulf Coast oil refineries on Monday amid back-to-back storms took aim at the coast. Tropical Storms Marco and Laura had assault on key U.S. oil regions, threaten to bring days of heavy rains and strong winds this week while prompting the oil producers to shut more than 1 million barrels per day of Gulf Coast offshore oil production. On the other hand, the gold price slumped 0.03% to $1928.40 per troy ounces as of writing amid optimism over U.S. authorization of a blood plasma treatment for coronavirus had spurred risk appetite in the FX market, which diminishing market demand on the safe-haven commodity.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 93.30. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 93.30, 93.80

Support level: 92.60, 92.05

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3060. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3145, 1.3250

Support level: 1.3060, 1.3000

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1785. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1885, 1.2040

Support level: 1.1785, 1.1710

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, 107.35

Support level: 105.40, 104.25

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7205. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7205, 0.7235

Support level: 0.7140, 0.7075

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6525. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6575, 0.6625

Support level: 0.6525, 0.6465

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.3235. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3160.

Resistance level: 1.3235, 1.3315

Support level: 1.3160, 1.3100

USDCHF, H4: USDCHF was traded higher following breakout above the previous resistance level at 0.9110. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9180, 0.9240

Support level: 0.9110, 0.9060

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 41.50. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 43.05.

Resistance level: 43.05, 43.90

Support level: 41.50, 40.65

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1956.60. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1910.50.

Resistance level: 1956.60, 2005.65

Support level: 1910.50, 1867.70

24 August 2020                  Afternoon Session Analysis

New Zealand Kiwi remain sluggish amid weak data

During late Asian session, the New Zealand Kiwi which traded against the dollar and other currency pairs remains weak following a heavy drop in New Zealand Retail Sales. According to Statistics New Zealand, New Zealand’s retail sales for the second quarter slumped to -14.6%, lower than previous results of -1.2%. On top of that, bearish note from RBNZ also continue to pressure the Kiwi. On Friday, Chief Economist Yuong Ha stated that the negative rate decision will depend on the health of the economy and will not hesitate to implement it if and when the time comes. On coronavirus front, the country is still struggling with the deadly coronavirus which also caused Prime Minister Jacinda Arden to delay its upcoming election by four weeks to October 17. At the time of writing, NZD/USD slips 0.09% to 0.6530.

In the commodities market, crude oil price jumps 1.62% to $42.35 per barrel at the time of writing amid storm threat which is heading for U.S Gulf of Mexico. Following latest update, workers have been evacuated from 114 production platforms out of the 643 manned platforms in the Gulf of Mexico, BSEE said. On the other hand, gold price slips 0.28% to $1935.35 a troy ounce at the time of writing following ongoing dollar recovery.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the dollar to be traded lower in short term towards the support level 92.45.

Resistance level: 94.00, 95.70

Support level: 92.45, 90.70

GBPUSD, H4: GBPUSD remain traded in a sideway channel. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 1.3005.

Resistance level: 1.3200, 1.3320

Support level: 1.3005, 1.2810

EURUSD, H4: EURUSD remain traded in a sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 1.1895.

Resistance level: 1.1895, 1.2000

Support level: 1.1705, 1.1575

USDJPY, H4: USDJPY was traded flat near the MA lines. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 105.25.

Resistance level: 106.25, 106.95

Support level: 105.25, 104.35

AUDUSD, H4: AUDUSD was traded flat near the resistance level 0.7190. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 0.7190, 0.7290

Support level: 0.7075, 0.6970

NZDUSD, H4: NZDUSD was traded flat near the support level 0.6510. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.6590.

Resistance level: 0.6590, 0.6685

Support level: 0.6510, 0.6395

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3215. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3095.

Resistance level: 1.3215, 1.3330

Support level: 1.3095, 1.3030

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9065. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9225.

Resistance level: 0.9225, 0.9365

Support level: 0.9065, 0.8985

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 42.60. MACD which illustrate diminishing bearish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 42.60, 43.95

Support level: 41.05, 39.60

GOLD_, H4: Gold price was traded higher following recent rebound from the support level 1908.55. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its rebound towards the resistance level 1966.20.

Resistance level: 1966.20, 2016.10

Support level: 1908.55, 1857.95

24 August 2020                  Morning Session Analysis

Dollar jumped amid upbeat economic data.

The Dollar index which gauge against its value against a basket of six major currencies edged higher over the backdrop of the positive economic data from the United Stated on last Friday, which spurring significant demand on the US Dollar. According to National Association of Realtor, the U.S. Existing Home Sales notched up significantly from the previous reading of 4.70M to 5.86M, better than the market forecast at 5.38M. Similarly, the Markit reported that the U.S. Manufacturing and Services Purchasing Managers Index (PMI) had came in at 53.6 and 54.8, which fared better than the market forecast at 51.9 and 51.0 respectively. Nonetheless, the spiking numbers of the coronavirus infections in the United Stated had been diminishing positive prospect for the economic growth in the United States. Market participants would continue to expect the Federal Reserve would stick to its expansionary monetary policy much longer than the earlier expectation, which limited the gains experienced by the US Dollar. Nonetheless, investors would scrutinize the updates with regards of the coronavirus development as well as the further economic stimulus from the Fed in order to gauge the likelihood movement for the pair. As of writing, the Dollar Index depreciated by 0.09% to 93.15.

In the commodities market, the crude oil price surged 1.79% to 42.46 per barrel as of writing following the U.S. Government claimed that the energy firms had shut 1.07 million barrels per day (bdp) of the crude oil production in the U.S Gulf of Mexico amid twin threat from Hurricane Marco and Tropical Storm Laura. On the other hand, the gold price depreciated by 0.17% to 1937.98 per troy ounces amid positive economic data from the United Stated, which spurring risk appetite in the FX market.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Weekly: Dollar index was traded lower while currently testing the support level at 92.95. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 95.55, 97.65

Support level: 92.95, 91.25

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3085. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3175, 1.3250

Support level: 1.3085, 1.3010

EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1785. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1885.

Resistance level: 1.1885, 1.2040

Support level: 1.1785, 1.1710

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, 107.35

Support level: 105.40, 104.25

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7140. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7210, 0.7270

Support level: 0.7140, 0.7075

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6525. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6575, 0.6625

Support level: 0.6520, 0.6465

USDCAD, H1: USDCAD was traded lower while currently testing the support level at 1.3160. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3235, 1.3315

Support level: 1.3160, 1.3100

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9060. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9195, 0.9330

Support level: 0.9060, 0.8860

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 41.50. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 43.05.

Resistance level: 43.05, 43.90

Support level: 41.50, 40.65

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1937.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1937.65, 1959.40

Support level: 1910.50, 1885.55

21 August 2020                  Afternoon Session Analysis

Aussie surged amid upbeat economic data.

The Australian Dollar surged over the backdrop of the upbeats data from the Australian region. According to Australian Bureau of Statistics (ABS), the Australian Retail Sales for July had notched up significantly from the previous reading of 3.3% to 2.7%. Such better-than-expected economic data had dialled up the market optimism toward the economic progression from the Australia region, which spurring significant demand on the Australian dollar. On the coronavirus front, the new coronavirus infections from the Victoria state had dropped to 179, the lowest in five weeks on Thursday. Besides that, the People’s Bank of China has injected a net 160 billion yuan into the financial system in order to boost up the liquidity and solvency ratio by 490-billion-yuan last week. Hence, the sentiment had also sparkled positive prospect for the China’s economy in the future, while increasing the market demand for the China-proxy currencies Australian dollar. Nonetheless, at this time investors would scrutinize the latest updates with regards of the trade negotiation between US and China as well as the coronavirus development in order to gauge the likelihood movement for the currency. As of writing, the AUD/USD appreciated by 0.15% to 0.7200.

In the commodities market, the crude oil price surged 0.48% to $42.87 per barrel as of writing. The crude oil price extends its gains for a third straight week, buoyed by major oil producers’ effort to reduce the output amid concerns about the economic recovery from the coronavirus pandemic. On the other hand, the gold price appreciated by 0.08% to $1948.40 per troy ounces amid risk-off sentiment in the FX market following the United Stated published negative economic data on yesterday.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 92.55. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 93.25, 93.80

Support level: 92.55, 92.05

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3250. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3250, 1.3340

Support level: 1.3175, 1.3105

EURUSD, H4: EURUSD was traded higher while currently near the resistance level at 1.1900. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1900, 1.2040

Support level: 1.1790, 1.1710

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 106.40. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 105.30.

Resistance level: 106.40, 107.35

Support level: 105.30, 104.25

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7130. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7240.

Resistance level: 0.7240, 0.7330

Support level: 0.7130, 0.7015

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6520. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6575.

Resistance level: 0.6575, 0.6625

Support level: 0.6520, 0.6465

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

Resistance level: 1.3235, 1.3315

Support level: 1.3140, 1.3010

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9195. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9030.

Resistance level: 0.9195, 0.9330

Support level: 0.9030, 0.8860

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 43.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 43.05, 43.90

Support level: 41.70, 40.95

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1959.45. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1959.45, 1989.15

Support level: 1927.60, 1906.85

21 August 2020                  Morning Session Analysis

Dollar index plunged amid disappointed economic data.

Dollar index which gauges its value against a basket of six major currencies edged lower as a series of bleak economic data on yesterday faded the shininess of dollar index market. According to the Department of Labour, there was around 1,106K American filed for initial jobless claims last week, showing that novel pandemic continues suppressed the economy. The elevated figure of people filed for unemployment insurance raised the market doubt over the recovery of US economy, while the number of confirmed cases per day is still in its fastest pace without sign of slowing down. Besides, US Philadelphia Fed Manufacturing index also came in at a disappointed reading of only 17.2, missing the economist forecast at 21.0, further cementing the market view over the easing of US economy recovery. On the geopolitical front, China criticized that ‘Beijing will take all necessary measures’ to protect Huawei Technologies from the unfair treatment by US. However, China did not reveal their plan on retaliation against US, but emphasized that US should correct their mistake immediately. As of writing, dollar index inched down 0.10% to 92.70.

In the commodities market, crude oil price depreciated by 0.03% to $42.70 per barrel amid market cautious view over the future prospect of oil market. Furthermore, an internal document has also showed that OPEC and its allies are urged to compensate for May-July 2.31 million barrels per day overproduction in August and September. Besides, gold price appreciated by 0.29% to $1953.00 a troy ounce amid dollar weakened.

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 lower while currently testing the support level at 92.55. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses after it successfully breakout below the support level.

Resistance level: 94.10, 95.95

Support level: 92.55, 91.45

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3220. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3220, 1.3265

Support level: 1.3175, 1.3125

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

Resistance level: 1.1900, 1.1985

Support level: 1.1840, 1.1780

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 106.15. MACD which display diminishing bullish momentum suggest the pair to extend its losses toward the support level at 105.05.

Resistance level: 106.15, 106.95

Support level: 105.05, 104.30

AUDUSD, H1: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7190. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7235.

Resistance level: 0.7235, 0.7290

Support level: 0.7190, 0.7145

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6535. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo technical correction toward higher level.

Resistance level: 0.6615, 0.6755

Support level: 0.6535, 0.6480

USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3210. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3055.

Resistance level: 1.3210, 1.3335

Support level: 1.3055, 1.2955

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9120. MACD which illustrate diminishing bullish momentum signal 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 following prior rebound from upward trend line. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 43.40.

Resistance level: 43.40, 44.35

Support level: 42.70, 42.05

GOLD_, Daily: Gold price was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal 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

19 August 2020                  Afternoon Session Analysis

Japanese Yen slips as risk sentiment soars.

During late Asian session, the Japanese Yen which traded against the greenback and other currency pairs have lost its shine and fell following the heightening risk appetite. Despite with the rally in Asian stocks, market are now flocking back to the greenback following the official announcement of Joe Biden as the Democratic nominee for the US Presidential Elections which will be held in November. At the same time, expectation of Federal Reserve may soon signal a greater tolerance also help increasing the risk appetite. Speculation has been doing the rounds for months now that the Fed would adopt an RBA-style yield curve control program. Some observers think the central bank may signal greater tolerance for above-target (2%) inflation. At the same time, Japan’s record contraction also continue to weigh on the sentiment which provide reason for sellers to dump the safe-haven Yen. At the time of writing, USD/JPY rose 0.13% while dollar index rose 0.07%.

In the commodities market, crude oil price remain stable and rose 0.49% to $42.85 per barrel as of writing amid mixed sentiment that fail to provide a clear direction for the commodity. While recently API reported a draw of 4.264 million barrels which exceed market expectation, investor remain concerned over U.S fuel demand recovery amid failure of reach a consensus on latest stimulus from U.S congress. On the other hand, gold price retreats 0.43% to $1993.47 a troy ounce at the time of writing following dollar rebound.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                  USD                    FOMC Meeting Minutes

(20^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Weekly: Dollar index was traded lower following prior breakout below the previous support level at 93.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 91.30.

Resistance level: 93.25, 95.55

Support level: 91.30, 88.85

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.3250. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3250, 1.3340

Support level: 1.3175, 1.3125

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1885. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2040, 1.2175

Support level: 1.1885, 1.1790

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 105.30. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 106.40.

Resistance level: 106.40, 107.35

Support level: 105.30, 104.25

AUDUSD, H4: AUDUSD was higher while currently testing the resistance level at 0.7240. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7240, 0.7330

Support level: 0.7105, 0.7015

NZDUSD, H4: NZDUSD was traded higher while currently near the resistance level at 0.6625. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6625, 0.6690

Support level: 0.6575, 0.6530

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

Resistance level: 1.3235, 1.3315

Support level: 1.3110, 1.3010

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9060. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.8860.

Resistance level: 0.9060, 0.9195

Support level: 0.8860, 0.8675

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 43.05. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 43.05, 44.55

Support level: 42.10, 40.95

GOLD_, H4: Gold price was traded lower while currently testing the resistance level at 1995.25. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the resistance level.

Resistance level: 1995.25, 2022.10

Support level: 1969.10, 1937.40

19 August 2020                  Morning Session Analysis

Greenback dipped amid exacerbating of ongoing risk

Dollar index which gauges its value against a basket of six major currencies failed to revive from its recent low level while extended its losses to lowest level since April 2018 amid heightening of uncertainty in US economy. Since the outbreak of Covid-19, US economy has been tampered tremendously as the novel urged the country to impose lockdown restriction in order to limit its damage, while it also halted the entire economy activity at the same time. Other than that, US central bank Federal Reserve has also implemented more than trillions worth of stimulus plan and relief package to help and support the economy from the fallout of virus. Despite, recent bleak of economic data still did not showed any sign of strong recovery in US economy, prompting the investors to seek for other currency market or financial product which can provide impressive return. According to the Worldometer, US confirmed cases has spiked up to a number approximately 5 million and more than 170K deaths, more than any country. As of now, investors are eyeing on the talk’s stalemate between Republican Party and Democratic Party, with regards to the new round of stimulus plan to scrutinize the further direction of dollar. During Asian trading session, dollar index inched down by 0.58% to 92.30.

In the commodities market, crude oil price appreciated by 0.41% to $42.75 per barrel after US crude oil inventories showed a surprise draw. According to the API, US API Weekly Crude Oil Stock came in at -4.264M, recording a bigger drop than the economist forecast at -2.900M, showing that the supply glut eased while demand has started to recover. Besides, gold priced up 0.13% to $2004.75 a troy ounce amid appealing of safe haven asset during heightening of uncertainty risk in US economy.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                  USD                    FOMC Meeting Minutes

(20^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.55. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses toward the support level at 91.45.

Resistance level: 92.55, 94.10

Support level: 91.45, 90.75

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3245. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3245, 1.3330

Support level: 1.3150, 1.3020

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1990. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1985.

Resistance level: 1.1985, 1.2060

Support level: 1.1900, 1.1840

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 106.15. MACD which display bearish bias momentum suggest the pair to extend its losses toward the support level at 105.05.

Resistance level: 106.15, 106.95

Support level: 105.05, 104.30

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7235. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7290.

Resistance level: 0.7290, 0.7330

Support level: 0.7235, 0.7190

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6580. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6580, 0.6755

Support level: 0.6480, 0.6380

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3210. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3055.

Resistance level: 1.3210, 1.3335

Support level: 1.3055, 1.2955

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9050. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.8975.

Resistance level: 0.9050, 0.9120

Support level: 0.8975, 0.8905

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 42.70. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo technical correction toward lower level.

Resistance level: 43.55, 44.50

Support level: 42.70, 42.05

GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1980.75. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 2069.75.

Resistance level: 2069.75, 2147.50

Support level: 1980.75, 1905.85