Daily Analysis

18 August 2020                  Afternoon Session Analysis

Aussie retreats following RBA minutes.

During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have fell following dovish note in RBA meeting minutes. On earlier during the day, the pair gains after Australia’s ANZ Roy Morgan Consumer Sentiment Index came in at 88.6, higher than market expectation of 86.5. At the same time, the easing coronavirus also help the pair to remain firm as the latest figures shows 222 new cases and 17 new deaths. The figure were the lowest since July 18. However, dovish note in the RBA minutes have exert some pressure for the Aussie which limit the upside potential for the pair. As expected, RBA maintain its interest rate at the record low of 0.25%. However, the central bank have reaffirmed that there was no need to adjust package measures in Australia and will continue to assess the situation. At the time of writing, AUD/USD slips 0.06% to 0.7208.

In the commodities market, crude oil price retreats 0.20% to $42.89 per barrel as of writing following OPEC eased cuts. According to reports, OPEC + reduce its agreed cuts to 7.7 million bpd from the previous 9.7 million bpd. OPEC’s joint ministerial monitoring committee (JMMC) on August 19 for further production clues. At the time of writing, gold price rose 0.38% to $1992.89 a troy ounce at the time of writing as a renewed drop in Treasury yields pushed investors back toward safe-haven market.

Today’s Holiday Market Close

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

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 1.3130. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3130, 1.3175

Support level: 1.3075, 1.3010

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1900. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1900, 1.1995

Support level: 1.1790, 1.1710

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 106.40. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 105.35.

Resistance level: 106.40, 107.35

Support level: 105.35, 104.25

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7230. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7230, 0.7330

Support level: 0.7105, 0.7015

NZDUSD, H4: NZDUSD was traded lower while currently near the support level at 0.6530. 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: 0.6530, 0.6465

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3165. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3330, 1.3470

Support level: 1.3165, 1.3035

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9035. 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, 0.9330

Support level: 0.9035, 0.8860

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 42.05. 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, 44.55

Support level: 42.10, 40.95

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1993.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1993.85, 2022.10

Support level: 1937.40, 1906.85

18 August 2020                  Morning Session Analysis

Greenback falls after US –Sino trade deal review delayed.

Dollar index which gauges its value against a basket of six major currencies dipped amid latest round of trade deal review which originally scheduled on last Saturday has postponed due to conflict in schedule between two biggest economy bodies. In details, phrase 1 trade deal review purposed to ensure both parties are abide to the terms that has been enacted in the agreement. However, one source familiar to the trade talk revealed that the postponement was due to scheduling conflict of a representative from China and did not reflect substantive problem with the trade deal. Besides, Trump administration also wanted more time to allow China to increase their purchases on US farm goods which agreed in the deal. In the midst of Covid-19, China has started to recover from the fallout of the outbreak, hence the number of good purchased from US has also increased obviously despite it is still behind the commitment. As of now, there is no new date been selected yet from US and China after phrase 1 trade deal review has been postponed. During Asian early trading session, dollar index inched down 0.29% to 92.80.

In the commodities market, crude oil price depreciated by 0.28% to $42.75 per barrel despite China plan to ship high amount of crude oil from US. According to Reuters, Chinese state-owned oil firms have booked oil tankers to ship at least 20 million barrels of US crude for August and September. Picking up of oil demand in China boosted up the investor’s confidence toward this black commodity market. Besides, gold prices rose 0.02% to $1984.50 a troy ounce amid weakening of greenback.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its losses toward the support level at 92.55.

Resistance level: 94.10, 95.95

Support level: 92.55, 91.45

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish bias momentum signal suggest the pair to extend its rebound toward the resistance level at 1.3150.

Resistance level: 1.3150, 1.3245

Support level: 1.3020, 1.2950

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1840. MACD which illustrate ongoing bullish 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, Daily: USDJPY was traded lower following prior breakout below the previous support 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, H4: 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 following prior breakout below the previous support level at 0.6580. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo technical correction in short term toward higher level.

Resistance level: 0.6580, 0.6755

Support level: 0.6480, 0.6380

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3210. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.

Resistance level: 1.3335, 1.3505

Support level: 1.3210, 1.3045

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9050. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound toward the higher level at 0.9120.

Resistance level: 0.9120, 0.9200

Support level: 0.9050, 0.8975

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 42.70. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 43.55.

Resistance level: 43.55, 44.50

Support level: 42.70, 42.05

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1963.85. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 2000.00.

Resistance level: 2000.00, 2021.95

Support level: 1963.85, 1931.20

17 August 2020                  Afternoon Session Analysis

Japanese Yen gains despite downbeat GDP.

During late Asian session, the safe-haven Yen which traded against the dollar and other currency pair have failed to extend last Friday losses and bounce off despite with a weaker-than-expected inflation data. According to Japan’s Cabinet Office, Japan GDP for the second quarter have dropped below -7.6%, missing market expectation of -7.8%. The data also marks the biggest economic contraction in the country. Despite that, the safe-haven yen manage to hold its ground as risk-off mood continue to support the demand. As of now, fears of COVID-19 and tension between U.S and China continue to restrict the market upbeat sentiment. On virus front, Japan have registered a fifth consecutive day of beyond 200 new cases, On the other hand, U.S President Donald Trump also continue to increase the tension as he stated that he is considering taking action against more China companies which includes Alibaba after he ordered ByteDance to remove TikTok’s operation in the U.S within 90 days recently. At the time of writing, USD/JPY fell 0.06% to 106.53.

In the commodities market, crude oil price rose 1.60% to $42.56 per barrel as of writing following China plans to import more crude oil. According to Reuters. Chinese state-owned oil firms have booked tankers to transport at least 20 million barrels of U.S. crude for August and September. At the same time, the number of oil rigs operating last week remain at a record low for consecutive 15^th week which also help support the price. On the other hand, gold price slips 0.22% $1920.40 a troy ounce amid mixed sentiment while market awaits for further signal.

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 bullish bias signal suggest the pair to be traded higher towards the resistance level 1.3200.

Resistance level: 1.3200, 1.3320

Support level: 1.3005, 1.2810

EURUSD, H4: EURUSD remain traded in a sideway channel while currently testing near the resistance level 1.1895. However, MACD which illustrate ongoing bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.1895, 1.1985

Support level: 1.1705, 1.1575

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 106.95. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 106.25.

Resistance level: 106.95, 107.65

Support level: 106.25, 105.25

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7190. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7190, 0.7290

Support level: 0.7075, 0.6970

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6510. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to experience a technical correction towards the resistance level 0.6590.

Resistance level: 0.6590, 0.6685

Support level: 0.6510, 0.6395

USDCAD, H4: USDCAD was traded higher following recent rebound from the support level 1.3195. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3330.

Resistance level: 1.3330, 1.3485

Support level: 1.3195, 1.3095

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9065. However, MACD which illustrate diminishing bearish bias signal suggest the pair to be traded higher as a technical correction 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 bullish bias signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 42.60, 43.55

Support level: 41.05, 39.60

GOLD_, H4: Gold price was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its retracement towards the support level 1908.55.

Resistance level: 1970.60, 2016.10

Support level: 1908.55, 1857.95

17 August 2020                  Morning Session Analysis

Dollar sinks following the release of mixed economic data.  

Dollar index which gauges its value against a basket of six major currencies was having mixed pattern last Friday as mixed data from US region exerted unclear momentum toward the dollar market. According to the Census Bureau, US Retail Sales data increased by only 1.2% for the month of July, far weaker than the economist forecast at 1.9%. Besides, the another important indicator of current economy health condition Core Retail Sales data came in at 1.9%, unexpectedly stronger than the economist forecast at 1.3%, yet still showing some weakness and vulnerability of economy while comparing to the previous month reading amid spiralling new Covid-19 infections and reduction of unemployment checks. On the US stimulus plan front, both biggest parties in US are still entangled in a deadlock, where the new round of stimulus package unable to be released in the meantime. Republicans and Democrats are trillions of dollar apart over the details of relief package and showed no intention of further trade talk for nearly a week. Hence, investors now continue to eyes on the further negotiation between these two parties in order to scrutinize the direction of greenback. As of writing, dollar index dropped 0.02% to 93.05.

In the commodities market, crude oil price appreciated by 0.64% to $42.60 per barrel amid heightening of market hopes over the recovery of demand in oil market. Besides, reduction in the number of US Baker Hughes oil rig also indicating that the supply of oil still in decreasing path, which provided some support toward the price of this black commodity. Besides, gold price inched down 0.01% to $1944.35 a troy ounce as market risk sentiment heightened.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its losses toward the support level at 92.55.

Resistance level: 94.10, 95.95

Support level: 92.55, 91.45

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish bias momentum signal suggest the pair to extend its rebound toward the resistance level at 1.3150.

Resistance level: 1.3150, 1.3245

Support level: 1.3020, 1.2950

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1840. MACD which illustrate ongoing bullish 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: 1.1780, 1.1705

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 106.95. MACD which display bearish bias momentum suggest the pair to extend its losses toward the support level at 106.15.

Resistance level: 106.95, 107.90

Support level: 106.15, 105.05

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7190. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7190.

Resistance level: 0.7190, 0.7235

Support level: 0.7145, 0.7110

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6580. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.6480.

Resistance level: 0.6580, 0.6755

Support level: 0.6480, 0.6380

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3210. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.

Resistance level: 1.3335, 1.3505

Support level: 1.3210, 1.3045

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9120. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term 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 following prior rebound from the support level at 42.10. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 42.90.

Resistance level: 42.90, 43.55

Support level: 42.10, 41.15

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1963.85. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 1931.20.

Resistance level: 1963.85, 2000.00

Support level: 1931.20, 1900.50

14 August 2020                  Afternoon Session Analysis

Pound retreated as Brexit talk stalemate remains.

Pound sterling which act as one of the major currency failed to extend its gains and retraced from recent high level amid ongoing impasses in Post-Brexit negotiation between EU and UK. According to the latest talks, both parties refused to make a ‘step back’ in the trade talk while insisting on their own view with regard to the issue of fisheries and regulatory alignment. As of now, majority of EU countries are largely dependent on UK waters to boost their fishing sector. However, UK warned that they will take back the full control of their waters and expel vessel from other country after UK officially leave EU on 31^th December. Despite, UK Chief Brexit Negotiator revealed that the next round of trade talk between UK and EU will kick off on 18^th August, expecting UK would iron out measures to resolve the sticking issue such as fisheries and regulatory system. However, market participants are pessimistic toward the trade talk while downplaying the prospect of making deal until the major issue been resolved. As of writing, the pair of GBP/USD dropped by 0.04% to 1.3058.

In the commodities market, crude oil price depreciated by 0.21% to $42.35 per barrel amid growing market confidences toward the recovery of oil demand in near term despite Covid-19 is still haunting the global economy outlook. Besides, gold price depreciated by 0.07% to $1952.25 a troy ounce as latest development in vaccine limits the market risk sentiment.

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, Weekly: Dollar index was traded lower while currently testing the support level at 93.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 95.55, 97.65

Support level: 93.25, 91.30

GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3075. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3010.

Resistance level: 1.3075, 1.3125

Support level: 1.3010, 1.2925

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

Resistance level: 1.1900, 1.1995

Support level: 1.1790, 1.1710

USDJPY, H4: USDJPY was traded higher following prior rebound from the support 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: 107.35, 108.40

Support level: 106.40, 105.35

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7105. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7105.

Resistance level: 0.7230, 0.7330

Support level: 0.7105, 0.7015

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6530. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6565, 0.6625

Support level: 0.6530, 0.6465

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3215. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3315, 1.3405

Support level: 1.3215, 1.3110

USDCHF, H4: USDCHF was traded lower while currently near the support level at 0.9060. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher 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 lower while currently testing the support level at 42.00. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 43.05, 44.55

Support level: 42.00, 40.95

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1965.50. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1937.20.

Resistance level: 1965.50, 1987.35

Support level: 1937.20, 1906.85

14 August 2020                  Morning Session Analysis

Dollar retreat following fading stimulus hopes.

The dollar index which traded against a basket of six major currency pairs have fell during early Asian session as hopes for additional economic stimulus fades due to impasse from Democrats and Republicans. On data front, initial jobless claims came in stronger with the reading of 963k, surpassed market expectation of 1120K. However, the data still did not manage to help the greenback regain its confidence as the deadlock in latest stimulus package continues to weigh heavily. As of now, U.S. lawmaker still could not achieve any sort of consensus regarding the country’s latest Covid-19 stimulus package, a deal that many feel is necessary to keep the economic recovery on track. U.S. President Donald Trump have accused Democrats of not wanting to negotiate over the package, with Republican and Democratic negotiators blame each other as negotiations ended without a result for the fifth day. Richmond Fed President Thomas Barkin stated that the US economy will take another downturn if U.S fail to provide more financial aid. At the time of writing, dollar index slips 0.22% to 93.18.

In the commodities market, crude oil price fell 0.15% to $42.33 per barrel as of writing following negative forecast from IEA. According to reports, IEA stated that it now sees global oil demand for 2020 at 91.1 million barrels per day, reflecting a fall of 8.1 million barrels per day year-on-year. The revised forecast is 140,000 barrels per day lower than the IEA’s previous projection. On the other hand, gold price rebounds 0.33% to $1960.38 a troy ounce at the time of writing amid dollar weakness and retreat.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to be traded higher in short term towards the resistance level 94.00.

Resistance level: 94.00, 95.70

Support level: 92.45, 90.70

GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing near the support level 1.3005. However, MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher towards the resistance level 1.3200.

Resistance level: 1.3200, 1.3320

Support level: 1.3005, 1.2810

EURUSD, H4: EURUSD remain traded in a sideway channel following recent rebound from the support level 1.1705. However, MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1895.

Resistance level: 1.1895, 1.1985

Support level: 1.1705, 1.1575

USDJPY, H4: USDJPY was traded flat while currently testing the support level 106.75. However, MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 107.40, 108.05

Support level: 106.75, 106.20

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7190. MACD which illustrate diminishing bullish bias signal suggest the pair to extend its retracement towards the support level 0.7075.

Resistance level: 0.7190, 0.7290

Support level: 0.7075, 0.6970

NZDUSD, H4: NZDUSD was traded lower following recent retracement from the resistance level 0.6590. MACD which illustrate bearish bias suggest the pair to extend its losses in short term towards the support level 0.6510.

Resistance level: 0.6590, 0.6685

Support level: 0.6510, 0.6395

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3195. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.3330.

Resistance level: 1.3330, 1.3485

Support level: 1.3195, 1.3095

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9065. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9230, 0.9365

Support level: 0.9065, 0.8985

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 42.60. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 41.05.

Resistance level: 42.60, 43.55

Support level: 41.05, 39.60

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1970.60. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1970.60, 2016.10

Support level: 1908.55, 1857.95

13 August 2020                  Afternoon Session Analysis

Greenback plunged amid stimulus plan hopes faded.

Dollar index which gauges its value against a basket of six major currencies failed to revive from its downward trend despite yesterday inflation linked data show a little sign of recovery in US economy. According to the US Bureau of Labor Statistics, US Core CPI data came in at 0.6%, higher than the market forecast at 0.2%, showing that the underlying inflation pressure in US started to recover after it been hampered tremendously amid fallout of Covid-19. Nonetheless, market confidence toward the greenback market was undermined further after US two biggest parties fail to reach a consensus in the talk of new round stimulus. In the latest talk, House speaker Nancy Pelosi and Steven Mnuchin failed to break through the stalemate as Democratic Party rejected the offer of $1 trillion proposal from Republican Party while insisting the new stimulus plan should be amounted to $3 trillion. In an interview, Steven Mnuchin also revealed that the Democrats have no interest in negotiating further, leaving the negotiation in deadlock as of now. As of writing, dollar index inched down by 0.17% to $93.28.

In the commodities market, crude oil price depreciated by 0.26% to $42.60 per barrel amid OPEC adjusted their demand expectation downward in the latest monthly report. In details, OPEC forecast the oil demand will decrease by 9.1 million barrel per day to 90.6 million barrel per day, missing the last month projection by 100K barrel per day. Besides, gold price appreciated by 1.10% to $1937.40 a troy ounce as market risk behaviour reduced as market doubt Russia vaccine.

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, Weekly: Dollar index was traded lower while currently testing the support level at 93.05. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 95.55, 97.65

Support level: 93.05, 91.30

GBPUSD, H1: GBPUSD was traded higher while currently near the resistance level at 1.3075. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3075, 1.3175

Support level: 1.3010, 1.2925

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1810. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1810, 1.1900

Support level: 1.1725, 1.1605

USDJPY, H4: USDJPY was traded higher following prior breakout above the resistance level at 107.35. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 107.35, 108.40

Support level: 106.40, 105.35

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7105. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7230.

Resistance level: 0.7230, 0.7330

Support level: 0.7105, 0.7015

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6575. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6575, 0.6625

Support level: 0.6530, 0.6465

USDCAD, H4: USDCAD was traded lower while currently testing the 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: 1.3340, 1.3405

Support level: 1.3235, 1.3160

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9195. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9060.

Resistance level: 0.9195, 0.9330

Support level: 0.9060, 0.8860

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 42.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward the resistance level at 43.05.

Resistance level: 43.05, 44.55

Support level: 42.00, 40.95

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1940.95. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1940.95, 1973.70

Support level: 1910.05, 1870.30

13 August 2020                  Morning Session Analysis

Pound steady following recent data release.

During early Asian session, the pound sterling which traded against the greenback and other currency pairs remain defensive and holding its gains after the release on UK data recently. According to National Statistics, UK GDP came in at -20.4%, slightly better than market expectation of -20.5%. However, it was still the largest contraction reported by any major economy to data despite with a better-than-expected reading. The data also showed that U.K economy has entered a recession which is the first since the financial crisis. Still, the downside potential was limited as the sharp slowdown in economy was expected during the height of the lockdown. Meanwhile, Manufacturing Production improved to -14.6%, surpassed market expectation of -15% which provide further catalyst for the pair to hold its ground steady. At the time of writing, GBP/USD edge higher 0.06% to 1.3038.

In the commodities market, crude oil price soars 0.21% to $42.60 per barrel as of writing following a larger-than-expected decrease in weekly crude supplies. According to the data from Energy Information Association (EIA), inventories of U.S. crude fell by 4.5 million barrels for the week ended Aug. 7, beating expectations for a draw of 2.9 million barrels. On the other hand, gold price slips 0.11% to $1919.35 a troy ounce amid investors piled in stock market and sold out the precious metals.

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. 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 while currently testing near the support level 1.3005. However, MACD which illustrate diminishing bearish bias signal suggest the pair to be traded higher towards the resistance level 1.3200.

Resistance level: 1.3200, 1.3320

Support level: 1.3005, 1.2810

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1705. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.1895.

Resistance level: 1.1895, 1.1985

Support level: 1.1705, 1.1575

USDJPY, H4: USDJPY was traded flat while currently testing the support level 106.75. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 107.40, 108.05

Support level: 106.75, 106.20

AUDUSD, H4: AUDUSD was traded higher following prior rebound from its low level. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.7190.

Resistance level: 0.7190, 0.7290

Support level: 0.7075, 0.6970

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6590. MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6590, 0.6685

Support level: 0.6510, 0.6395

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3195. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3330, 1.3485

Support level: 1.3195, 1.3095

USDCHF, H4: USDCHF was traded lower following prior retracement from its high level. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.9065.

Resistance level: 0.9230, 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 bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level 42.60.

Resistance level: 42.60, 43.55

Support level: 41.05, 39.60

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1908.55. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to experience a technical correction towards the resistance level 1970.60.

Resistance level: 1970.60, 2016.10

Support level: 1908.55, 1857.95

12 August 2020                  Afternoon Session Analysis

Kiwi retreated following dovish tone from RBNZ.

The New Zealand dollar which known as Kiwi failed to extend its gains and hit hardly during early trading session today as Reserve Bank of New Zealand (RBNZ) dovish comment with regard to the unfolding policy, faded the shininess of Kiwi. In earlier today, RBNZ Committee unanimously agreed to remain its interest rate unchanged at 0.25%, while remains open for additional stimulus tool in the future if economy condition turn sourer. As an effort to limit the damage of covid-19 toward the nation economy, RBNZ have passed through the committees to expand the Large Scale Asset Purchase (LSAP) programme up to $100 billion. In the press conference of RBNZ, Adrian Orr reiterated that negative rate remain in active preparation in upcoming meeting. Moreover, there are few clusters appeared in New Zealand last week, urging the alert level of country to level 2. Therefore, New Zealand government decided to re-impose lockdown measures in certain area for 3 days. As of writing, the pair of NZD/USD dropped 0.44% to 0.6545.

In the commodities market, crude oil price appreciated by 0.34% to $41.75 per barrel after Russia announced that the first vaccine development has successfully completed and will be registered officially today. The positive news from vaccine development increased the market hopes over the demand’s recovery of oil market. Besides, gold price depreciated by 1.90% to $1875.50 a troy ounce as market risk behaviour surged following the positive news of vaccine released.

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, Weekly: Dollar index was traded lower while currently testing the support level at 93.30. 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: 93.30, 91.30

GBPUSD, H1: GBPUSD was traded lower while currently near the support level at 1.3010. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3095, 1.3175

Support level: 1.3010, 1.2925

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1715. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1800, 1.1900

Support level: 1.1715, 1.1590

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, 105.35

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7105. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7230, 0.7330

Support level: 0.7105, 0.7015

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6530. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6575, 0.6625

Support level: 0.6530, 0.6465

USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.3340. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3340, 1.3390

Support level: 1.3255, 1.3160

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9195. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9195, 0.9330

Support level: 0.9060, 0.8860

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 42.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 40.95.

Resistance level: 42.10, 43.05

Support level: 40.95, 40.05

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1870.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1910.05, 1940.95

Support level: 1870.30, 1817.15

12 August 2020                  Morning Session Analysis

During early Asian session, the pound sterling which traded against the greenback and other currency pairs have fell following weak employment in the UK causing the pair to struggle. According to the National Statistics, the number of people that are currently in employment have fell by 220,000 in the 2nd quarter. This was the largest fall in employment since 2009. Despite with the support from the government, the labour market in the U.K remains fragile due to the coronavirus crisis. At the same time, the unemployment rate held steady at 3.9%. However, the data also reflected a huge number of UK individuals have gave up looking for work. On top of that, the average earnings data which excluded bonus also fell to -0.2%, missing market expectation of 0.5%. Separate data also showed that the number of staff on company payrolls fell by -730,000 since March. This suggests there will be a larger increase in the country’s unemployment rate. As of writing, GBP/USD fell 0.05% to 1.3051.

In the commodities market, crude oil price slips 0.16% to $41.61 per barrel at the time of writing following fears about weaker oil demand resurfaced with the end of summer driving season. The end of the summer driving season where Americans travel and take to the road would limit the demand recovery, thus causing the commodity price to ease due to more people are now expected to work from home. On the other hand, gold price tumbles 0.45% to $1918.14 a troy ounce as of writing following a recovering dollar and expectations of a nearing U.S. stimulus.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

10.00                     NZD                       RBNZ Rate Statement

11.00                     NZD                       RBNZ Press Conference

Today’s Highlight Economic Data

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 while currently testing near the support level 1.3005. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.3200, 1.3320

Support level: 1.3005, 1.2810

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1795. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term back to resistance level 1.1795.

Resistance level: 1.1795, 1.1895

Support level: 1.1690, 1.1575

USDJPY, H4: USDJPY was traded higher following recent breakout above the previous resistance level 106.20. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction to current support level 106.20.

Resistance level: 106.75, 107.40

Support level: 106.20, 105.25

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7185. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 0.7040.

Resistance level: 0.7185, 0.7290

Support level: 0.7040, 0.6935

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6580. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.6510.

Resistance level: 0.6580, 0.6685

Support level: 0.6510, 0.6395

USDCAD, H4: USDCAD was traded flat while currently retest the resistance level 1.3330. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.3330, 1.3485

Support level: 1.3195, 1.3095

USDCHF, H4: USDCHF was traded higher following recent rebound from its low level. MACD which illustrate bullish momentum suggest the pair to extend its rebound towards the resistance level 0.9230.

Resistance level: 0.9230, 0.9365

Support level: 0.9065, 0.8985

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 42.85. MACD which illustrate bearish momentum suggest the commodity to extend its losses towards the support level 41.05.

Resistance level: 42.60, 43.55

Support level: 41.05, 39.15

GOLD_, H4: Gold price was traded lower while currently testing the support level 1908.55. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level 1908.55.

Resistance level: 1970.60, 2016.10

Support level: 1908.55, 1857.95

11 August 2020                  Afternoon Session Analysis

Pound surged while Post-Brexit talk stills ongoing.

Pound Sterling which act as one of the major currencies climbed higher during Asian trading session while market participants are still eyeing on the negotiation between EU and UK. According to Reuters, Britain top minister revealed that the possibility of reaching consensus between EU and UK has increased substantially amid distinct changes of tone from EU can be seen in recent talks. As of now, UK has entered into transition period where the nation can remain in the European Union single market, membership of EU remains in place until the end of transition period 31^th December. On the other side, a pool from Express has showed that part of the UK voters are bias to form a new alliance after UK officially dismissed from EU bloc. In details, UK Prime Minister Boris Johnson has been told to form ‘superpower’ alliance with Canada, Australia and New Zealand. Nonetheless, the members of this new alliance are set ready to negotiate with UK over the coming weeks. As of writing, the pair of GBP/USD rose 0.18% to 1.3095.

In the commodities market, crude oil price inched up by 0.62% to $42.20 per barrel after OPEC+ reaffirm its commitment of compliance toward their oil production cut. Last week, OPEC+ held a phone call meeting to reassure each of the OPEC+ members have fully committed to their respective oil cut amount. Iraq revealed that it will cut another 400k barrels per day throughout the months of August and September. Besides, gold price depreciated by 0.43% to $2018.75 a troy ounce amid latest positive progress in development of vaccines ignited up the market risk behavior.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:00                  CrudeOIL           EIA Short-Term Energy Outlook

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Weekly: Dollar index was traded lower while currently testing the support level at 93.30. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 95.55, 97.65

Support level: 93.30, 91.30

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3095. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3095, 1.3175

Support level: 1.3010, 1.2925

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1780. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1780, 1.1900

Support level: 1.1685, 1.1590

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 105.35. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 106.40, 107.35

Support level: 105.35, 104.25

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7120. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7245.

Resistance level: 0.7245, 0.7335

Support level: 0.7120, 0.7020

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6575. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6625.

Resistance level: 0.6625, 0.6690

Support level: 0.6575, 0.6530

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3325. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3390, 1.3445

Support level: 1.3325, 1.3255

USDCHF, H4: USDCHF was traded higher while currently near the resistance level at 0.9195. 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, H1: Crude oil price was traded higher while currently testing the resistance level at 42.25. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 42.25, 43.05

Support level: 40.95, 40.05

GOLD_, H1: Gold price was traded lower while currently testing the support level at 2013.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 2049.60, 2074.60

Support level: 2013.35, 1973.70

11 August 2020                  Morning Session Analysis

Dollar advanced following positive data.

During early Asian session, dollar index which traded against a basket of six major currency pairs have continue to advance following upbeat job data. According to the US Bureau of Labor Statistics, JOLTS jobs opening which help measure the job vacancies in the U.S have improved to 5.889M, surpassing market expectation with the reading of only 4.91M. Following the positive data coupled with another a better-than-expected Nonfarm Payroll last week, market continues to cheer for the dollar, thus boosting the demand for the greenback. Meanwhile, White House officials and congressional Democrats recently expressed a willingness to compromise on another stimulus package to bolster the stalled economy, but said no talks were planned. At the time of writing, dollar index rose 0.19% to 93.61.

In the commodities market, crude oil price edge higher 0.30% to $42.05 per barrel as of writing amid expectations of U.S stimulus. The U.S congress have previously passed three versions of stimulus aid that worth more than $3 trillion to support U.S businesses and individuals while a fourth version of stimulus which would add another $2 trillion is expected to passed which could help support the economy. On the other hand, gold price slips 0.08% to $2028.90 a troy ounce at the time of writing amid heightening risk appetite.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20.00                      CrudeOIL              EIA Short-Term Energy Outlook

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following recent rebound from the support level 92.45. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a short term technical correction towards back the support level 92.45.

Resistance level: 94.00, 95.70

Support level: 92.45, 90.70

GBPUSD, H4: GBPUSD was traded flat near the support level 1.3005. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term towards the resistance level 1.3200.

Resistance level: 1.3200, 1.3320

Support level: 1.3005, 1.2810

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1795. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses in short term towards the support level 1.1690.

Resistance level: 1.1795, 1.1895

Support level: 1.1690, 1.1575

USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing near the resistance level 106.20. However, MACD which display bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level 106.20.

Resistance level: 106.20, 106.75

Support level: 105.25, 104.35

AUDUSD, H4: AUDUSD was traded flat near the resistance level 0.7185. However, MACD which illustrate bearish momentum signal suggest the pair to traded lower towards the support level 0.7040.

Resistance level: 0.7185, 0.7290

Support level: 0.7040, 0.6935

NZDUSD, H4: NZDUSD was traded flat while currently testing the support level 0.6580. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.6685.

Resistance level: 0.6685, 0.6750

Support level: 0.6580, 0.6510

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3330. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3484, 1.3635

Support level: 1.3330, 1.3195

USDCHF, H4: USDCHF was traded higher following recent rebound from the support level 0.9065. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a short term technical correction towards the support level 0.9065.

Resistance level: 0.9230, 0.9365

Support level: 0.9065, 0.8985

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 42.45. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level 42.45.

Resistance level: 42.45, 43.85

Support level: 41.00, 39.05

GOLD_, H4: Gold price was traded flat near the support level 2011.00. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher towards the resistance level 2075.40.

Resistance level: 2075.40, 2179.40

Support level: 2011.00, 1970.60

10 August 2020                  Afternoon Session Analysis

Aussie rose amid upbeat China inflation data.

During late Asian session, the Aussie dollar which traded against the greenback and other currency pair have jumped following positive inflation data from China. According to National Bureau of Statistics of China, China’s CPI in July rose to 0.6%, higher than market expectation of 0.4 while the annualized figure also improved to -2.4% against expectation of -2.5%. The upbeat data manage to regain some of the market confidence, thus helping the pair to recover some of its ground. However, the positive mood is expected to not able to hold for long as concerns over U.S-China tension and the coronavirus continue to challenge the sentiment. As of now, U.S policymakers are now accusing Beijing for meddling in the U.S election. On virus front, Australia’s second-most populous state, Victoria markets the biggest single-day jump in deaths from Covid-19. At the time of writing, AUD/USD edge higher 0.12% to 0.7166.

In the commodities market, crude oil price rebounds 1.79% to $41.70 per barrel as of writing following Iraq production cuts and Saudi Aramco results. Iraq, the second largest member for the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) announced that it will be stepping up production cuts to compensate for failing to comply with a deal made in April to limit oil production. Saudi Aramco reported a 73% drop in second quarter profits but still plans to distribute $75 billion in dividends this year. On the other hand, gold price extend its retreat and fell 0.16% to $2029.40 a troy ounce at the time of writing following ongoing dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 92.55. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains toward the resistance level at 94.10.

Resistance level: 94.10, 95.95

Support level: 92.55, 91.45

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the 50 Moving average line (Blue). MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3060.

Resistance level: 1.3060, 1.3150

Support level: 1.2985, 1.2890

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1775. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.1830.

Resistance level: 1.1830, 1.1900

Support level: 1.1775, 1.1695

USDJPY, H4: USDJPY was traded lower following prior retracement near the resistance level at 106.15. MACD which illustrate diminishing bullish momentum signal 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 rebound from the support level at 0.7145. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7190.

Resistance level: 0.7190, 0.7235

Support level: 0.7145, 0.7110

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6580. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6755, 0.6920

Support level: 0.6580, 0.6480

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3335. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 1.3505.

Resistance level: 1.3505, 1.3675

Support level: 1.3335, 1.3210

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9125. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.9170.

Resistance level: 0.9170, 0.9220

Support level: 0.9125, 0.9065

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 41.15. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 42.10.

Resistance level: 42.10, 42.95

Support level: 41.15, 40.45

GOLD_, H1: Gold price was traded lower following prior retracement from the higher level. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher in short term.

Resistance level: 2046.25, 2074.75

Support level: 2021.95, 2000.00

10 August 2020                  Morning Session Analysis

Dollar gains following positive jobs data.

The dollar index which traded against a basket of six major currency pairs have managed to regain some support during early Asian session following the recent release of U.S jobs data. According to the U.S Bureau of Labour Statistics, Nonfarm Payrolls have added 1763K jobs in July, stronger than market expectation of 1600K. Despite the result was not as strong as in May and June, but still stronger than expected nonetheless. At the same time, unemployment rate also improved to 10.9% which surpassed market expectation 11%. Average Hourly Earnings also improved with the reading of 0.2% against the expectation of -0.5%. Following the unexpected positive data, dollar have manage to record gains. However, further gains may be capped by the combination of rising U.S coronavirus infections, a steady decline in Treasure yields and the lack of consensus in Washington over additional fiscal stimulus. As of now, investors will look for further signal before entering the market. At the time of writing, dollar index rose 0.05% to 93.33,

In the commodities market, crude oil price fell 0.19% to $41.54 as of writing following demand concerns continue to dominate the sentiment. As of now, the rise in infections remains the dominant issue for the fuel demand outlook. Cases in the United States are still rising in a number of states, while India recently reported a record daily jump in infections. More than 700,000 people have died in the worldwide pandemic. On the other hand, gold price retreats 0.26% to $2029.85 a troy ounce at the time of writing amid as strong U.S jobs diminished the appeal for the safe-haven commodity.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 92.45. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 94.00.

Resistance level: 94.00, 95.70

Support level: 92.45, 90.70

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

Resistance level: 1.3200, 1.3320

Support level: 1.3005, 1.2810

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1895. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.1705.

Resistance level: 1.1895, 1.2025

Support level: 1.1705, 1.1575

USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing near the resistance level 106.05. However, MACD which display bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level 106.05.

Resistance level: 106.05, 106.70

Support level: 105.25, 104.35

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7185. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.7040.

Resistance level: 0.7185, 0.7290

Support level: 0.7040, 0.6935

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6600. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6685, 0.6750

Support level: 0.6600, 0.6510

USDCAD, H4: USDCAD was traded higher following recent breakout above the previous resistance level 1.3330. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3485.

Resistance level: 1.3485, 1.3635

Support level: 1.3330, 1.3195

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 0.9230.

Resistance level: 0.9230, 0.9365

Support level: 0.9065, 0.8985

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 41.00. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound to resistance level 42.45.

Resistance level: 42.45, 43.85

Support level: 41.00, 39.25

GOLD_, H4: Gold price was traded lower while currently testing near the support level 2011.00. MACD which illustrate bearish bias signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 2075.40, 2179.40

Support level: 2011.00, 1970.60

07 August 2020                  Afternoon Session Analysis

Aussie plummets amid RBA expect longer recovery.

During late Asian, the Aussie dollar which traded against the greenback and other currency pair have fell following dovish note from RBA statement. According to the report, the pace of Australia’s economic recovery could be slower than what was expected in May. The central bank also stated that the underlying inflation is likely to remain at low level due to weak wage growth and substantial spare capacity in the economy and projected an economic contraction of 6% over 2020. In addition, the bank expects the unemployment rate is expected to rise to almost 10% over the next six months. At the same time, the unemployment rate in the country is also expected to grow to almost 10% over the next six months. Following the dovish tone, the Aussie have experience a certain amount of selling pressure, thus dragging it price lower. At the time of writing, AUD/USD slips 0.39% to 0.7205.

In the commodities market, crude oil price extend losses and fell 0.09% to $41.77 per barrel as of writing following uncertainty over US stimulus continue to weigh on the market and weakening fuel demand. As of now, the re-emergence of coronavirus infection remained as the key point that dragged the sentiment. On the other hand, the lack of progress in talks between the White House and Democrats over stimulus package also added further selling reason. On the other hand, gold price retreats 0.47% to $2053.32 a troy ounce at the time of writing following profit taking after its recent continuous rally.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 92.55. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains toward the resistance level at 94.10.

Resistance level: 94.10, 95.95

Support level: 92.55, 91.45

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3150. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.3060.

Resistance level: 1.3150, 1.3245

Support level: 1.3060, 1.2985

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1830. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1900, 1.1985

Support level: 1.1830, 1.1775

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

Resistance level: 106.15, 106.95

Support level: 105.05, 104.30

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7235. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.7175.

Resistance level: 0.7235, 0.7290

Support level: 0.7175, 0.7120

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6580. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 0.6755.

Resistance level: 0.6755, 0.6920

Support level: 0.6580, 0.6480

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3335. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3335, 1.3505

Support level: 1.3210, 1.3045

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9125. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.9170.

Resistance level: 0.9170, 0.9220

Support level: 0.9125, 0.9065

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 42.10. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 41.15.

Resistance level: 42.10, 42.95

Support level: 41.15, 40.45

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 2074.75. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 2046.15.

Resistance level: 2074.75, 2103.35

Support level: 2046.15, 2011.05