GCM Asia – Latest Analysis

200919 Afternoon Session Analysis

20 September 2019                           Afternoon Session Analysis

 

Swiss Franc soars despite dovish statement.

The USD/CHF pair retreated sharply from three-month tops and dropped to fresh session low as the pair suffered aggressive long-unwinding trade after the SNB announced its latest monetary policy decision and set the deposits rate unchanged at -0.75. In the accompanying statement, the central bank claimed that implementation of expansionary monetary policy is necessary if the economy performance weaker than expected. In fact, the SNB also reiterated the willingness to intervene the Forex Market if necessary and lowered its inflation and GDP forecast for 2019. On the other hand, USD/JPY quoted down after hitting almost one month highest level to its highest level since early August after the Federal Reserve refrained from providing any hints regarding the next policy movement despite announcing a 25 basis point interest rate cut. Earlier yesterday, the Bank of Japan (BoJ) kept its interest rate unchanged at -0.10% as expected. However, BoJ Governor Kuroda also claimed that they would not hesitate to implement a further rate cut if there is a risk that for the economy to suffer recessions and unable to achieve its price goal. Besides, according to Statistics Bureau, the Japan National Core Consumer Price Index (CPI) came in at 0.5%, weaker than the previous month reading of 0.6%. Hence, a decrease in CPI could put the Japanese Yen under bearish pressure as it would cause investors to start pricing a dovish shift in the BoJ’s monetary policy. As of writing, USD/CHF slump 0.16% to 0.9909 and USD/JPY depreciated by 0.07% to 107.910.

 

In the commodities market, crude oil price rose 0.27% to $58.770 per barrel after Saudi-led coalition launched a military operation in the north of Yemen’s port city of Hodeidah, and United States worked with Middle East and European nations to build a coalition to deter Iranian threats after the Saudi attack. On the other hand, gold price rose 0.33% to 1503.78 per troy ounces as a result of risk aversion due to escalation of global tensions.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
20:30 CAD – Core Retail Sales (MoM) (Jul) 0.1% -0.2%
01:00

(21th)

CrudeOIL – U.S. Baker Hughes Oil Rig Count 733

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 98.10. MACD which illustrated increasing bearish momentum suggests the pair to be traded lower toward support level at 97.55.

 

Resistance level: 98.10, 98.60

Support level: 97.55, 96.95

 

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level 1.2565. However, MACD which illustrated diminishing bullish momentum suggests the pair to be traded lower in short-run as technical correction.

 

EURUSD, H4: EURUSD was traded higher following prior rebound from the 20 MA line (red). MACD which illustrate increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1065.

 

Resistance level: 1.1065, 1.1125

Support level: 1.1015, 1.0940

 

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 108.35. MACD which illustrated diminishing bullish momentum suggests its pair to be traded lower toward support level at 107.50.

 

Resistance level: 108.35, 109.10

Support level: 107.50, 106.65

 

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6780. MACD which illustrates diminishing bearish momentum suggests the pair to be traded higher toward resistance level at 0.6825.

 

Resistance level: 0.6825, 0.6860

Support level: 0.6780, 0.6750

 

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6290. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gain toward resistance level at 0.6310.

 

Resistance level: 0.6310, 0.6330

Support level: 0.6290, 0.6270

 

 

USDCAD, H4: USDCAD was traded higher following prior rebound from support level at 1.3240. MACD which illustraded diminishing bearish momentum suggests the pair to extend its gain toward resistance level at 1.3320.

 

Resistance level: 1.3320, 1.3380

Support level: 1.3240, 1.3195

 

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level 0.9930. MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses toward support level at 0.9815.

 

Resistance level: 0.9930, 1.0010

Support level: 0.9815, 0.9730

 

 

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level at 58.95. MACD which illustrated diminishing bearish momentum suggests the pair to be traded higher after it successfully breakout above the resistance level.

 

Resistance level: 58.95, 61.45

Support level: 57.00, 55.25

 

Gold_, Daily: Gold price was traded higher following prior rebounded from support level at 1483.50. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gain toward resistance level at 1526.35.

 

Resistance level: 1526.35, 1552.25

Support level: 1483.50, 1439.85

 

200919 Morning Session Analysis

20 September 2019                           Morning Session Analysis

 

 

Greenback revived amid upbeat economic data.

Dollar index which gauge its value against a basket of six major currencies rebound from lower level following upbeat data been released from United States, indicating that previous trade escalation between two largest countries does not triggered significant pressure on US. Yesterday, US economic data which included Philadelphia Fed Manufacturing and Existing Home Sales data showed a positive reading where both came in at 12.0 and 5.49M respectively, beating the economist forecast of 11.0 and 5.37M. Both optimistic data portray that US labour market and manufacturing sector has been improved and still remain resilient despite NFP for the month of August showed a significant drop as comparing to previous month. As of writing, dollar index rose 0.01% to 98.00. On the other hand, the pair of GBP/USD rose following the release of latest monetary policy decision from Bank of England (BoE). Yesterday, BoE has voted to remain the current UK interest rate at 0.75% while eyeing on the development of Brexit and global growth pace. While the escalation of tensions between China and US continued to outweigh the global economy growth, BoE judges the underlying growth has slowed but still remain slightly positive toward the long-term growth in UK. Neutral tilt tone from BoE surprised the market as market were expecting BoE would remain dovish toward the economic outlook of UK as recent data such as GDP shows Brexit uncertainty continues to haunt the economy growth of UK. During Asian early trading session, the pair of GBP/USD inched up 0.04% to 1.2530.

 

On the commodities market, crude oil price rose 0.29% to $58.75 per barrel amid market worries over the supply short of crude oil which caused by the attack launched on Saudi Arabia recently. Despite Saudi Arabia Prince has keep emphasize that the recent shutdown of two damaged oil production plants do not create huge problem for them, however markets are still concerns over the supplies of crude oil if there is another round of oil market shock happened. Besides, gold price quoted up 0.18% to $1501.60 a troy ounce amid fading of market risk appetite.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
14:00 German PPI (MoM)(Aug) 0.9% 0.2%
20:30 CAD – Core Retail Sales (MoM) (Jul) 0.1% -0.2%
01:00

(21th)

CrudeOIL – U.S. Baker Hughes Oil Rig Count 733

 

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from resistance level 97.90. MACD which illustrate bearish bias signal suggest the dollar to extend its losses towards the support level 97.50.

 

Resistance level: 97.90, 98.20

Support level: 97.50, 97.10

 

 

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2520. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.2660.

 

Resistance level: 1.2660, 1.2760

Support level: 1.2520, 1.2405

 

 

 

EURUSD, H4: EURUSD was traded in a sideway channel following recent rebound from support level 1.1040. Due to lack of clear signal and direction from MACD, it is suggested to wait until further clear signal appear such as breakout above the resistance level or support level before entering the market.

 

Resistance level: 1.1105, 1.1160

Support level: 1.1040, 1.0980

 

 

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 107.75. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses after it breaks below the support level.

 

Resistance level: 108.90, 109.95

Support level: 107.75, 106.75

 

 

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6780. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short term towards the resistance level 0.6820.

 

Resistance level: 0.6820, 0.6870

Support level: 0.6780, 0.6740

 

 

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6275. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses after it breaks below the support level.

 

Resistance level: 0.6345, 0.6395

Support level: 0.6275, 0.6210

 

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3280. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it breaks above the resistance level 1.3280.

 

Resistance level: 1.3280, 1.3335

Support level: 1.3225, 1.3185

 

 

 

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9920. MACD which illustrate persistent bearish bias signal with the formation of death cross suggest the pair to extend its losses after it close below the support level at 0.9920.

 

Resistance level: 0.9920, 0.9970

Support level: 0.9865, 0.9820

 

CrudeOIL, H4: Crude oil was traded higher while currently testing the resistance level at 58.75. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after successfully breakout above the 58.80.

 

Resistance level: 58.80, 61.45

Support level: 57.00, 55.25

 

GOLD_H4: Gold price was traded in a sideway channel following recent rebound from the support level 1487.25. Due to lack of momentum and signal from MACD, it is suggest the wait until further signal appear before entering the market.

 

Resistance level: 1523.25, 1554.95

Support level: 1487.25, 1449.65

190919 Afternoon Session Analysis

19 September 2019                           Afternoon Session Analysis

 

 

AUD surrenders as rate cut imminent.

Australian dollar extended its losses although recent economic data from the region fared better-than-expected. According to Australian Bureau of Statistics, the Employment Change for the month of August came in at 34,700 individuals, exceeding economist forecast for a reading up to 10,000 individuals. Similarly, Participation Rate of workforce notched up from 66.1% to 66.2% for the month of August. However, Australian dollar came under pressure as of recent due to internal and external fundamental factors. Most market participants speculate that the Reserve Bank of Australia may cut its interest rate further in order to provide more support towards its fragile economy. With trade war in between US and China remains unresolved, RBA may take precautionary measures in order to circumvent any possible downside risks which stems from their heavy reliance upon China as its main trading partner. Likewise, Aussie received further selloff following hawkish tones portrayed by US Federal Reserve. Although Fed cut its interest rates as expected, they continue to remain bullish upon future economic growth while reiterates to only seek further actions whenever necessary. As of writing, pair of AUD/USD slumped 0.58% to 0.6788.

 

In terms of commodities market, crude oil price depreciates by 0.05% to $58.23 per barrel. Oil prices came under pressure after US President Donald Trump vows to enact more sanctions against Iran following last weekend’s attack upon Saudi Arabia’s oil facility. Such signal increases the tension in the Middle East which sparked higher risk aversion in the market. On the other hand, gold price ticks up 0.01% to $1,494.20 a troy ounce following risk aversion in the market.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

15:30                     CHF                                         SNB Monetary Policy Assessment

19:00                     GBP                                        BoE MPC Meeting Minutes

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
15:30 CHF – SNB Interest Rate Decision -0.75% -0.75%
16:30 GBP – Retail Sales (MoM) (Aug) 0.2% -0.2%
19:00 GBP – BoE Interest Rate Decision (Sep) 0.75% 0.75%
20:30 USD – Initial Jobless Claims 204K 213K
20:30 USD – Philadelphia Fed Manufacturing Index (Sep) 16.8 11.0
22:00 USD – Existing Home Sales (Aug) 5.42M 5.37M

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from resistance level at 98.15. However, MACD which illustrated bullish momentum suggest the pair to be traded higher in short-run as technical correction.

 

Resistance level: 98.15, 99.00

Support level: 97.65, 97.15

 

 

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2420. However, MACD which illustrate diminishing bullish signal suggests the pair to be traded lower as a short term technical correction toward the support at 1.2420.

 

Resistance level: 1.2565, 1.2725

Support level: 1.2420, 1.2285

 

 

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1065. MACD which illustrated increasing bearish momentum suggests the pair to extend its losses toward the support level at 1.1015.

 

Resistance level: 1.1065, 1.1125

Support level: 1.1015, 1.0940

 

 

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 108.35. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 107.35.

 

Resistance level: 108.35, 109.10

Support level: 107.35, 106.45

 

 

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6775.MACD which illustrated increasing bearish momentum suggests the pair to extend its losses after it breaks below the support level.

 

Resistance level: 0.6825, 0.6860

Support level: 0.6775, 0.6750

 

 

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6330. MACD which illustrated bearish signal suggests the pair to extend its losses toward the support level at 0.6295.

 

Resistance level: 0.6330, 0.6355

Support level: 0.6295, 0.6270

 

 

 

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3240. MACD which illustrates bullish bias suggests the pair to extend its gains towards the resistance level 1.3320.

 

Resistance level: 1.3320, 1.3380

Support level: 1.3240, 1.3195

 

 

 

 

 

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9930. MACD which illustrates persistent bullish momentum suggests the pair to extend its gains toward resistance level at 1.0010.

 

Resistance level: 1.0010, 1.0080

Support level: 0.9930, 0.9815

 

 

CrudeOIL, H4: Crude oil was traded lower following prior breakout below its resistance level at 58.80. MACD which illustrated bearish signal suggests the commodity to extend its losses toward the support level at 57.00.

 

Resistance level: 58.80, 61.45

Support level: 57.00, 55.25

 

 

GOLD_Daily: Gold price was traded lower following prior retracement from the resistance level at 1500.25. MACD which illustrates bearish signal suggests the commodity to be traded lower toward the support level at 1473.70.

 

Resistance level: 1500.25, 1526.35

Support level: 1473.70, 1439.85

190919 Morning Session Analysis

19 September 2019                           Morning Session Analysis

 

 

Fed remains hawkish, but for how long?

Greenback rebounds from its prior low level subsequent to Federal Reserve interest rate decision earlier this morning. As widely expected, Fed has cut its interest rates by 25 basis points from 2.25% to 2.00%. While the recent dot-plot shows no rate cuts throughout the year of 2020, 7 Fed members voiced out their support to have another rate cut this year. In an updated economic projections report, the central bank is expecting a higher economic growth and jobless rate in 2019 while not expecting any changes upon its inflation projections. While Fed still sustain a favorable view of the US economy, they indicated no hesitation to change their policy guidance if current outlook continues to worsen. During the press conference, Fed Chair Jerome Powell highlighted that to cut its interest rates further if the economy sustained further downside than what they have expected. Overall, although Fed’s tone was skewed towards hawkish, the possibility for yet another rate cut in the future has limit the gains upon the greenback. As such, investors would continue to scrutinize future economic data from the US in order to gauge the likelihood of an interest rate cut from the Federal Reserve. As of writing, the dollar index rose 0.29% to 98.08 while pair of USD/JPY ticks up 0.01% to 108.41.

 

As for commodities, crude oil price depreciates by 0.12% to $58.19 per barrel. Oil futures suffered from a selloff after Energy Information Administration reported an increase in last week’s oil stocks by 1.058 million barrels, missing forecast to decrease by -2.496 million barrels. On the other hand, gold price slipped 0.05% to $1,493.30 a troy ounce due to hawkish tone portrayed by the Federal Reserve which stoked a shift in sentiment towards riskier assets.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

Tentative                              JPY                                          BoJ Monetary Policy Statement

Tentative                              JPY                                          BoJ Press Conference

15:30                     CHF                                         SNB Monetary Policy Assessment

19:00                     GBP                                        BoE MPC Meeting Minutes

 


 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
11:00 JPY – BoJ Interest Rate Decision -0.10% -0.10%
15:30 CHF – SNB Interest Rate Decision -0.75% -0.75%
16:30 GBP – Retail Sales (MoM) (Aug) 0.2% -0.2%
19:00 GBP – BoE Interest Rate Decision (Sep) 0.75% 0.75%
20:30 USD – Initial Jobless Claims 204K 213K
20:30 USD – Philadelphia Fed Manufacturing Index (Sep) 16.8 11.0
22:00 USD – Existing Home Sales (Aug) 5.42M 5.37M

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the 50 moving average line (Blue). MACD which illustrate bullish momentum suggest the index to extend its gains after it successfully breakout above the 50 moving average line (Blue).

 

Resistance level: 98.40, 98.65

Support level: 98.00, 97.50

 

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2515. MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 1.2405.

 

Resistance level: 1.2515, 1.2665

Support level: 1.2405, 1.2325

 

EURUSD, Daily: EURUSD was traded lower following prior retracement from the downward trend line. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses toward the support level at 1.0965.

 

Resistance level: 1.1150, 1.1300

Support level: 1.0965, 1.0855

 

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 108.25. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 108.70.

 

Resistance level: 108.70, 109.25

Support level: 108.25, 107.75

 

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6835. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 0.6795.

 

Resistance level: 0.6835, 0.6875

Support level: 0.6795, 0.6750

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing near the support level at 0.6295. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after it successfully breakout below the support level at 0.6295.

 

Resistance level: 0.6425, 0.6490

Support level: 0.6295, 0.6200

 

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3145. MACD which begins to form a bullish signal suggests the pair to extend its gains toward the resistance level at 1.3335.

 

Resistance level: 1.3335, 1.3530

Support level: 1.3145, 1.3020

USDCHF, Daily: USDCHF was traded higher following prior closure above 0.9945. MACD which illustrate upward momentum suggests the pair to extend its gains toward the resistance level at 1.0005.

 

Resistance level: 1.0005, 1.0095

Support level: 0.9945, 0.9885

 

CrudeOIL, H4: Crude oil price was traded lower while currently testing the 50 moving average line (Blue). However, MACD which illustrate diminishing downward momentum suggests its price to be traded higher, towards the direction of 58.55.

 

Resistance level: 58.55, 60.35

Support level: 56.80, 55.90

 

GOLD_, H4: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate bearish signal suggest the gold price to be traded lower toward the direction 1485.65.

 

Resistance level: 1525.20, 1551.85

Support level: 1485.65, 1444.70

180919 Afternoon Session Analysis

18 September 2019                           Afternoon Session Analysis

 

 

NZD/USD slump due to poor domestic data.

NZD/USD slump after a poor result of New Zealand Westpac Consumer Survey was released. The Westpac Consumer survey measures the change in the level of consumer confidence in economic activity.  According to Westpac Banking Corporation, the Westpac Consumer Survey for the third quarter has dropped below the forecast 104.0 and 103.5 prior to 103.1. In fact, Westpac claimed that households are still reluctant to spend despite the fall in interest rates in recent months, due to high global market and political risks. Moreover, New Zealand’s seasonally adjusted current account deficit narrowed by $140 million to $2.4 billion in the June 2019 quarter. However, the reading was still poorer than the market expectation, according to Statistic New Zealand. These poor results cause the NZD/USD to suffer from further depreciation. On the other hand, Loonie depreciated as the Canadian manufacturing sales fell unexpectedly to -1.3% in July compared to a revised fall of -1.4% in the prior month. According to Statistic Canada, the manufacturing Sales fell -1.3% more than the market expectation of -0.3%, due to auto and metal plant shutdowns. Meanwhile, oil prices fall after Saudi Arabia claimed the oil production could be restored to normal levels faster than thought, which further weighed on the loonie, says Reuters. As of writing, NZD/USD depreciated by 0.19% to 0.6342 while USD/CAD surged 0.07% to 1.3245.

 

In the commodities market, crude oil price dropped sharply on Tuesday after Saudi Energy Minister Abdulaziz bin Salman said the country’s oil exports would not fall in the end of this month, as they will rely on reserves oil to keep export stable. On the other hand, gold price rose as a result of risk aversion due to rising geopolitical tensions. As of writing, the crude oil rose 0.43% to $58.83 per barrels while gold price surged 0.05% to $1501.95.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
16:30 GBP – CPI (YoY) (Aug) 2.1% 1.9%
17:00 EUR – CPI (YoY) (Aug) 1.0% 1.0%
20:30 USD – Building Permits (Aug) 1.317M 1.300M
20:30 CAD – Core CPI (MoM) (Aug) 0.3%
22:30 CrudeOIL – Crude Oil Inventories -6.912M -2.889M

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the index to extend its gains toward the resistance level at 98.00.

 

Resistance level: 98.00, 98.40

Support level: 97.50, 97.10

 

GBPUSD, Daily: GBPUSD was traded higher while currently testing at the resistance of 1.2515. MACD which illustrate bullish bias momentum suggests the pair to extend its gains after closing above 1.2515.

 

Resistance level: 1.2515, 1.2665

Support level: 1.2405, 1.2325

 

EURUSD, Daily: EURUSD was traded higher while currently testing the downward trendline. MACD which illustrate bullish signal suggests the pair to extend its gains after successfully breakout above the downward trendline.

 

Resistance level: 1.1150, 1.1300

Support level: 1.0965, 1.0855

 

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.25. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 108.25.

 

Resistance level: 108.25, 108.70

Support level: 107.75, 107.25

 

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6875. MACD which illustrate diminished upward momentum suggest the pair to extend its losses toward the support level at 0.6835.

 

Resistance level: 0.6875, 0.6910

Support level: 0.6835, 0.6795

 

NZDUSD, Daily: NZDUSD was lower following prior retracement from the resistance level at 0.6425. MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses toward the support level at 0.6295.

 

Resistance level: 0.6425, 0.6490

Support level: 0.6295, 0.6200

 

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3145. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 1.3335.

 

Resistance level: 1.3335, 1.3530

Support level: 1.3145, 1.3020

 

USDCHF, Daily: USDCHF was traded higher following prior rebound from the upward trendline. MACD which illustrate upward momentum suggests the pair to extend its gains toward the resistance level at 0.9945.

 

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

 

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 58.55. MACD which illustrate diminished downward momentum suggests the commodity to extend its gains toward the resistance level at 60.35.

 

Resistance level: 60.35, 61.30

Support level: 58.55, 56.80

 

GOLD_, Daily: Gold price was traded higher following prior rebound from the support level at 1485.65. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1525.20.

 

Resistance level: 1525.20, 1551.85

Support level: 1485.65, 1444.70

180919 Morning Session Analysis

18 September 2019                           Morning Session Analysis

 

Greenback trim gains, eyes on FOMC Meeting.

Greenback trims its gains on yesterday while market participants anticipates the release of interest rate decision from the Federal Reserve. As of writing, the dollar index was quoted down 0.40% to 97.73. According to Fed Rate Monitor Tool, investors are currently pricing in at 50.8% chance for a 25-basis point cut from 2.25% to 2.00%. However, most participants would be scrutinizing over Federal Reserve’s economic projection, statement as well as press conference chaired by Jerome Powell in order to gauge the central bank’s outlook upon US economy and future guidance. Substantially, losses on the greenback were limited after Industrial Production for the month of August rose 0.6%, seemingly higher than forecast of 0.2%. On the other hand, pair of GBP/USD ticks up 0.01% to 1.2499 during Asian trading session. On yesterday, the UK Supreme Court concluded its first day of a three days hearing with regards to PM UK Boris Johnson decision to suspend the parliament. The case may not only undermine his position as UK’s Prime Minister, it could also force him to retreat from the current legislative and give way to soft-Brexit supporters to pass through their laws.

 

As for commodities market, crude oil price rebounds by 0.17% to $58.87 per barrel. On yesterday, oil prices suffered from a large selloff after Saudi Arabia pledged to increase their oil output capacity up to 11 million barrels per day by the end of September after its facilities were attacked by the Houthi forces. On the other hand, gold price depreciates by 0.04% to $1,500.79 a troy ounce while market participants wait for the results from Federal Reserve policy meeting and interest rate decision.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 


 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
16:30 GBP – CPI (YoY) (Aug) 2.1% 1.9%
17:00 EUR – CPI (YoY) (Aug) 1.0% 1.0%
20:30 USD – Building Permits (Aug) 1.317M 1.300M
20:30 CAD – Core CPI (MoM) (Aug) 0.3%
22:30 CrudeOIL – Crude Oil Inventories -6.912M -2.889M

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index remains traded within a downward channel. MACD which illustrate bearish signal suggests the index to extend its losses, towards the direction of 97.40.

 

Resistance level: 97.80, 98.05

Support level: 97.40, 96.95

 

GBPUSD, H4: GBPUSD was traded higher while currently testing at the resistance of 1.2515. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 1.2515.

 

Resistance level: 1.2515, 1.2600

Support level: 1.2400, 1.2325

 

EURUSD, H4: EURUSD was traded higher following prior breakout from the downward trendline. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 1.1150.

 

Resistance level: 1.1150, 1.1210

Support level: 1.1070, 1.1010

 

USDJPY, H1: USDJPY remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

 

Resistance level: 108.20, 108.70

Support level: 107.85, 107.65

 

AUDUSD, H1: AUDUSD was traded lower while currently testing at the support of 0.6865. MACD which illustrate diminished upward momentum suggest the pair to extend its losses after closing below 0.6865.

 

Resistance level: 0.6885, 0.6900

Support level: 0.6865, 0.6845

 

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance of 0.6360. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.6360.

 

Resistance level: 0.6360, 0.6395

Support level: 0.6340, 0.6310

 

USDCAD, H1: USDCAD was traded lower following prior retrace from the upper level. MACD which illustrate bearish signal suggests the pair to be traded lower, towards the direction of 1.3220.

 

Resistance level: 1.3255, 1.3280

Support level: 1.3220, 1.3190

 

USDCHF, H4: USDCHF was traded lower while currently testing at the support of 0.9925. MACD which illustrate diminished upward momentum suggests the pair to be traded lower after closing below 0.9925.

 

Resistance level: 0.9970, 1.0010

Support level: 0.9925, 0.9865

 

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance of 58.70. MACD which illustrate diminished downward momentum suggests its price to be traded higher after closing above 58.70.

 

Resistance level: 58.70, 60.85

Support level: 57.30, 55.55

 

GOLD_, H1: Gold price remains traded within a sideways formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

 

Resistance level: 1509.00, 1523.00

Support level: 1494.50, 1483.50

170919 Afternoon Session Analysis

17 September 2019                           Afternoon Session Analysis

 

 

Japanese Yen surged due to risk aversion.

Japanese Yen appreciated against the U.S. dollar as geopolitical tensions escalated in the Middle East after the drone attacked on two major oil facilities in Saudi Arabia and destroyed the global oil supplies. The pre-dawn strikes on Saturday disrupted 5 percent of global oil supply and reduces the output of the crude oil by 5.7 million barrels per day. Yemen’s Houthi rebels claimed the responsibility for the attacks, warning Saudi Arabia that their target will be continually expanded. However, U.S. Secretary of State Mike Pompeo accused Iran of being behind the assault, without providing any evidence. The accused was then rejected by Tehran. Meanwhile, Saudi Arabia has promised to confront and deal with this terrorist aggression. The news intensifies tensions in the Middle East, providing bullish support for the Japanese Yen higher as it considered as safe-haven assets. However, with Bank of Japan is due to meet this week, investors speculate that the central bank may cut its interest rates further into negative territory to boost up the economic growth. On the other hand, EUR/USD slump as higher oil prices hurt the Europe’s balance of payments. As Europe imports most of its oil, rising oil price on a supply shock would increase the cost of import and lead to further depreciation in EUR/USD. As of writing, USD/JPY rose 0.02% to 108.10 and EUR/USD appreciated by 0.12% to 1.1001.

 

In the commodities market, crude oil price rose 0.23% to $61.72 per barrel as the drone attacks in Saudi Arabia lead to a supply shock in crude oil inventory. On the other hand, gold price rose 0.09% to $1499.32 per ounces as a result of risk aversion due to rising geopolitical tensions.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
17:00 EUR – German ZEW Economic Sentiment (Sep) -44.1 -38.0
17:00 EUR – ZEW Economic Sentiment (Sep) -43.6 -37.4
21:15 USD – Industrial Production (MoM) (Aug) -0.2% 0.2%

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 98.00. MACD which illustrate bullish signal suggests the index to extend its gains toward the resistance level at 98.40.

 

Resistance level: 98.40, 98.65

Support level: 98.00, 97.50

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2405. MACD which illustrate bearish signal suggests the pair to extend its losses after successfully breakout below the support level at 1.2405.

 

Resistance level: 1.2480, 1.2635

Support level: 1.2405, 1.2280

 

EURUSD, Daily: EURUSD was traded lower following prior retracement from the downward trendline. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.0965.

 

Resistance level: 1.1150, 1.1300

Support level: 1.0965, 1.0855

 

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.25. MACD which illustrate diminished downward momentum suggests the pair to extend its gains after successfully breakout above the resistance level at 108.25.

 

Resistance level: 108.25, 108.70

Support level: 107.75, 107.25

 

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.6835. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after successfully breakout below the support level at 0.6835.

 

Resistance level: 0.6875, 0.6910

Support level: 0.6835, 0.6795

 

NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6425. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 0.6295.

 

Resistance level: 0.6425, 0.6490

Support level: 0.6295, 0.6200

 

USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3145. MACD which illustrate diminished downward momentum suggests the pair to extend its gains toward the resistance level at 1.3335.

 

Resistance level: 1.3335, 1.3530

Support level: 1.3145, 1.3020

 

USDCHF, H4: USDCHF was traded lower following prior retrace from its higher levels. MACD which illustrate diminished upward momentum suggests the pair to extend its losses toward the support level at 0.9885.

 

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

 

CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 61.30. MACD which illustrate persistent upward momentum suggests the commodity to extend its gains toward the resistance level at 62.80.

 

Resistance level: 62.80, 63.50

Support level: 61.30, 60.35

 

GOLD_, H4: Gold price was traded lower following prior retracement from the 50 moving average line (Blue). MACD which illustrate diminishing upward momentum suggest the commodity to extend its losses toward the support level at 1485.65.

 

Resistance level: 1525.20, 1551.85

Support level: 1485.65, 1444.70

170919 Morning Session Analysis

17 September 2019                           Morning Session Analysis

 

Greenback gains status as safe-haven asset.

US dollar recovered its losses on yesterday following its status as an alternative safe-haven asset. As of writing, the dollar index was quoted up 0.04% to 98.13 during Asian trading session. Following last Saturday’s Houthi drone attack on Saudi Arabia as well as recent risk aversion in GBP and Euro, investors flock into safe-haven assets such as the US dollar and Japanese yen in order to safe guard their capital from further losses. However, gains on the greenback remains limited as the Federal Reserve is expected to cut its interest rates by 25 basis points during its monetary policy meeting this Thursday. In addition, recent release of NY Empire State Manufacturing Index shows further depreciation from 4.80 to 2.00 for the month of September has placed further bearish pressure to cap off any substantial gains. On the other hand, pair of GBP/USD ticked down 0.01% to 1.2426. Pound sterling retraces from its prior high level after UK Prime Minister failed to show up at a joint media session with Luxembourg Prime Minister on yesterday. The move has sparked higher concern that it may jeopardize Brexit term negotiation in between UK and EU and thus sparked significant selloff upon the pound sterling.

 

As for commodities, crude oil price extended gains by 0.03% to $61.87 per barrels. Oil prices continues to surge after Saudi oil company, Aramco commented that the recovery process on its oil facilities may take longer time than expected. Such signals suggest that oil production from Saudi Arabia may be jeopardize for a longer period of time. Otherwise, gold price was traded flat at $1,498.24 a troy ounce as investors wait for more signals from Fed interest rate decision this coming Thursday.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
17:00 EUR – German ZEW Economic Sentiment (Sep) -44.1 -38.0
17:00 EUR – ZEW Economic Sentiment (Sep) -43.6 -37.4
21:15 USD – Industrial Production (MoM) (Aug) -0.2% 0.2%

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the index to extend its gains after closing above the 20-MA line (Red).

 

Resistance level: 98.40, 98.65

Support level: 98.05, 97.80

 

GBPUSD, H4: GBPUSD was traded lower following prior retrace from the upper level. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support of 1.2400.

 

Resistance level: 1.2515, 1.2600

Support level: 1.2400, 1.2325

 

EURUSD, H4: EURUSD was traded lower following prior retrace from the downward trendline. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.0930.

 

Resistance level: 1.1010, 1.1070

Support level: 1.0930, 1.0870

 

USDJPY, H1: USDJPY remain traded within a sideways channel formation. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

 

Resistance level: 108.20, 108.70

Support level: 107.85, 107.65

 

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from its higher levels. MACD which illustrate diminished upward momentum suggests the pair to be traded lower after closing below 0.6865.

 

Resistance level: 0.6900, 0.6960

Support level: 0.6865, 0.6800

 

NZDUSD, H4: NZDUSD extended its losses after closing below 0.6340. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 0.6310.

 

Resistance level: 0.6340, 0.6360

Support level: 0.6310, 0.6275

 

USDCAD, H1: USDCAD was traded higher following prior rebound from the upward trendline. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

 

Resistance level: 1.3255, 1.3280

Support level: 1.3220, 1.3190

 

USDCHF, H4: USDCHF was traded lower following prior retrace from its higher levels. MACD which illustrate diminished upward momentum suggests the pair to be traded lower after closing below 0.9925.

 

Resistance level: 0.9970, 1.0010

Support level: 0.9925, 0.9865

 

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. However, MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term as technical correction.

 

Resistance level: 63.55, 66.60

Support level: 60.85, 58.70

 

GOLD_, H1: Gold price remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

 

Resistance level: 1509.00, 1523.00

Support level: 1494.50, 1483.50

 

130919 Afternoon Session Analysis

13 September 2019                           Afternoon Session Analysis

 

 

Pound Sterling surged over probability of Brexit Delay.

GBP/USD surged on the report that shown the European Union is likely to grant a third Brexit extension in October to avoid a no-deal Brexit, citing a leaked European Parliament draft resolution. According to the resolution, it indicates that members would support a fresh extension if there was a clear purpose such as to avoid a “no-deal Brexit”, hold a general election, revoke Article 50, or approve a Withdrawal Agreement. In fact, the European Parliament is prepared to extend the UK’s membership in EU beyond October 31, as long as the institutions and functioning of EU are not “adversely affected”, according to the resolution. However, Boris Johnson has claimed more than a few times that he will not ask the EU for a further delay to Brexit, despite U.K. lawmakers passing a law to avoid a no-deal Brexit. On the other hand, USD/JPY slumped to a six-week low during morning session as trade tensions between United States and China diminishes ahead of key talks. Such sentiment eases the demand for safe haven assets such as Japanese Yen. In short-term, positive expectation to the resolution for the U.S.-China trade war should increase the risk appetite and to push treasury yields higher, weigh on safe-haven currencies. However, this confidence could be short-lived as the U.S. Federal Reserve is generally expected to reduce interest rates next week while the ECB’s easing places would apply pressure on the Bank of Japan to follow suit. As of writing, GBP/USD rose 0.03% to 1.2335, however USD/JPY rose 0.08% to 108.142.

 

 

In the commodities market, crude oil slumped 0.15% to $54.94 per barrel as optimistic expectation over an end to the U.S. China trade war.  On the other hand, gold price depreciated by 0.16% to $1496.43 per troy ounce as global central banks is expected to cut rates and boosts the demand for the precious metals such as gold.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
20.30 USD – Core Retail Sales (MoM) (Aug) 1.0% 0.1%
20.30 USD –Retail Sales (MoM) (Aug) 0.7% 0.2%

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 98.40. MACD which illustrate bearish momentum and the formation of death cross suggest the index to extend its retracement toward the support level at 98.00.

 

Resistance level: 98.40, 98.65

Support level: 98.00, 97.50

 

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the upward trendline. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2405.

 

Resistance level: 1.2405, 1.2480

Support level: 1.2345, 1.2280

 

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.0965. MACD which illustrate upward bias momentum suggests the pair to extend its gains toward the resistance level at 1.1150.

 

Resistance level: 1.1150, 1.1300

Support level: 1.0965, 1.0855

 

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 108.25. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 107.75.

 

Resistance level: 108.25, 108.70

Support level: 107.75, 107.25

 

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.6875. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term if it fails to breakout above the resistance level at 0.6875.

 

Resistance level: 0.6875, 0.6910

Support level: 0.6835, 0.6795

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the 20 moving average line (Red). MACD which illustrate diminished upward momentum suggests the pair to extend its losses after it successfully breakout below the 20 moving average line (Red).

 

Resistance level: 0.6425, 0.6490

Support level: 0.6295, 0.6200

 

USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3185. MACD which illustrate diminishing bearish momentum suggest the pair to extend it gains toward the resistance level at 1.3335.

 

Resistance level: 1.3335, 1.3530

Support level: 1.3185, 1.3020

 

USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level at 0.9945. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.9885.

 

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

 

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 55.90. However, MACD which illustrate diminishing bearish momentum suggest the commodity to undergo short term technical correction toward the resistance level at 55.90.

 

Resistance level: 55.90, 56.80

Support level: 54.65, 52.95

 

GOLD_, Daily: Gold price was traded higher following prior rebound from the support level of 1485.65. MACD which illustrate diminishing downward momentum suggests its price to extend its gains toward the resistance level at 1525.20.

 

Resistance level: 1525.20, 1551.85

Support level: 1485.65, 1444.70

130919 Morning Session Analysis

13 September 2019                           Morning Session Analysis

 

Greenback retreats amid trade truce report confusion.

Dollar index have retreat from highs on after a report on trade truce between the U.S and China denied by the White House. According to recent development, dollar was initially soared by reports from Bloomberg cited that the White House was preparing to make a limited trade agreement with China that would delay and even unwind some U.S. tariffs in exchange for Chinese promises to respect intellectual property rights and start buying U.S. agricultural goods again. However, the greenback was swiftly pared its gain after another source by CNBC stated that an unnamed senior White House official denying the story. Market remain concerned and cautious as uncertainty in trade tension continue to haunt the market. Dollar index fell 0.29% to 98.30 as of writing. Meanwhile, EUR/USD retrace 0.02% to 1.1058 at the time of writing after a sharp reversal supported by Draghi’s speech and trade developments. ECB have cut rates for the first time since 2016 as expected and also launch a new round of bond buying which it initially dragged euro down to the bottom. However, President of ECB Mario Draghi have delivered a less dovish message than the initial announcement implied, thus causing the Euro to rebound across the board.

 

In the commodities market, crude oil price fell 0.08% to $55.05 per barrel at the time of writing amid as market fears Iran supplies might come back to play. According to recent reports, U.S. National Security Advisor John Bolton, a long-time hawk on Iran, had left the Trump administration after President Donald Trump wanted to ease sanctions on Iran in order to work out a new nuclear deal that would allow Iran to export its oil again in return for not developing atomic weapons. Next, gold price slips 0.06% to $1498.13 a troy ounce as of writing following market paring its gains on profit taking after a rally boosted ECB rate cut and dovish note from Fed.

 

 

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
20.30 USD – Core Retail Sales (MoM) (Aug) 1.0% 0.1%
20.30 USD –Retail Sales (MoM) (Aug) 0.7% 0.2%

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retrace from the top level. MACD which begins to form a bearish signal suggests the index to be traded lower in short-term as technical correction.

 

Resistance level: 98.40, 98.65

Support level: 98.05, 97.80

 

GBPUSD, H1: GBPUSD remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.

 

Resistance level: 1.2400, 1.2515

Support level: 1.2325, 1.2260

 

EURUSD, H1: EURUSD was traded lower following prior retrace from the resistance near 1.1070. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

 

Resistance level: 1.1070, 1.1150

Support level: 1.1010, 1.0930

 

USDJPY, Daily: USDJPY extended gains following prior close above 107.85. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 108.70.

 

Resistance level: 108.70, 109.60

Support level: 107.85, 107.25

 

AUDUSD, H4: AUDUSD was traded lower following prior retrace from its higher levels. MACD which illustrate negative divergence signal suggests the pair to be traded lower in short-term.

 

Resistance level: 0.6865, 0.6900

Support level: 0.6800, 0.6750

 

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support of 0.6395. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.6410, 0.6440

Support level: 0.6395, 0.6360

 

USDCAD, H4: USDCAD was traded lower following prior retrace from the resistance of 1.3220. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

 

Resistance level: 1.3220, 1.3255

Support level: 1.3190, 1.3145

 

USDCHF, H4: USDCHF was traded lower following prior retrace from its higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.

 

Resistance level: 0.9925, 0.9970

Support level: 0.9865, 0.9820

 

CrudeOIL, H4: Crude oil price was traded lower following prior breakout from the support of 55.55. MACD which illustrate persistent bearish signal suggests its price to be traded lower, towards the direction of 54.45.

 

Resistance level: 55.55, 57.30

Support level: 54.45, 53.00

 

GOLD_, H1: Gold price was traded higher following prior rebound from the support level of 1494.50. MACD which illustrate diminishing downward momentum suggests its price to be traded higher in short-term.

 

Resistance level: 1509.00, 1523.00

Support level: 1494.50, 1483.50

120919 Afternoon Session Analysis

12 September 2019                           Afternoon Session Analysis

 

 

Euro slumped, eyes on ECB.

EUR/USD slump in during Asian trading session while investors focus upon European Central Banks’ (ECB) monetary policy later tonight. Weak economy outcome and a rebound in bond yields lately in Europe could increase the expectations that the central bank would deliver quantitative easing policy in today’s meeting which could further lead to further depreciation in EUR/USD. On the other hand, the pound sterling surged due to lower probability of a no-deal Brexit risks after the British parliament approved the legislation and forces Boris Johnson to request a deadline extension from Brussels if he cannot agree on a deal with the EU by mid-October. Analysts predicted that such risk reduction of no-deal Brexit after the law passed could push the value of pound sterling to appreciate further in future. In fact, the Pound Sterling is also supported by better-than-expected economic data in this week, which it confounded earlier expectations that the U.K would fall into recession this quarter. As of writing, EUR/USD appreciated by 0.05% to 1.1013, meanwhile GBP/USD increased 0.04% to 1.2332.

In the commodities market, crude oil rose 0.48% to $56.18 per barrel as the trade tensions between Washington and Beijing was eased and the crude oil inventories fell for a fourth straight week, decreasing 6.9 million barrels from 6th September 2019, more than double of analysts’ expectation. On the other hand, gold price slumped 0.23% to $1493.15 a troy ounce despite there are market expectations for deduction of interest rates by ECB.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

18:00                     CrudeOIL                               OPEC Meeting

19.45                     EUR                                        ECB Monetary Policy Statement

20.30                     EUR                                        ECB Press Conference

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
19.45 EUR – Deposit Facility Rate (Sep) -0.50% -0.40%
19.45 EUR – ECB Interest Rate Decision (Sep) 0.00% 0.00%
20.30 USD – Core CPI (MoM) (Aug) 0.2% 0.3%

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level at 98.65. However, MACD which illustrate diminishing upward momentum suggests the index to be traded lower in short-term as technical correction.

 

Resistance level: 98.65, 99.20

Support level: 98.40, 98.00

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 20 moving average line (Red). MACD which illustrate bearish signal suggest the pair to extend its losses after successfully breakout below the 20 moving average line (Red).

 

Resistance level: 1.2405, 1.2480

Support level: 1.2280, 1.2170

 

EURUSD, Daily: EURUSD was traded lower following prior retracement from the 20 moving average line (Red). MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.0965.

 

Resistance level: 1.1150, 1.1300

Support level: 1.0965, 1.0855

 

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous support level at 107.75. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 108.25.

 

Resistance level: 108.25, 108.70

Support level: 107.75, 107.25

 

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6875. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains, towards the direction of 0.6910.

 

Resistance level: 0.6910, 0.6945

Support level: 0.6875, 0.6835

 

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6425. MACD which illustrate bullish bias signal suggests the pair to extend its gains after successfully breakout above the resistance level at 0.6425.

 

Resistance level: 0.6425, 0.6490

Support level: 0.6295, 0.6200

 

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3185. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 1.3185.

 

Resistance level: 1.3185, 1.3335

Support level: 1.3020, 1.2810

 

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9945. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 0.9945.

 

Resistance level: 0.9945, 1.0070

Support level: 0.9885, 0.9810

 

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support of 55.90. MACD which illustrate diminishing downward momentum suggests its price to extend its rebound toward the next resistance level a 56.80.

 

Resistance level: 56.80, 58.55

Support level: 55.90, 54.65

 

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1485.65. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the next resistance level at 1525.20.

 

Resistance level: 1525.20, 1551.90

Support level: 1485.65, 1444.70

 

120919 Morning Session Analysis

12 September 2019                           Morning Session Analysis

 

Greenback cheers on positive PPI data.

Dollar index have climbed against its basket of six major rival pairs following the positive release of PPI data. According to the latest data from U.S Labor Department, producer price index for final demand remain strong at 0.1%, in line with market forecasts. The data have dimmed some expectation that the FED will cut interest rate aggressively at its meeting next week, thus supporting the dollar. At the same time, U.S President Donald Trump have criticized Federal Reserve once again for not cutting interest rates as much as he would like, stated in a tweet that central bank should cut the rates to zero or less. Dollar index rose 0.31% to 98.55 as of writing. On the other hand, USD/CAD climbs 0.02% to 1.3192 at the time of writing following oil sell-off and political uncertainty. The price of crude oil recently suffered a huge meltdown and Canadian Prime Minister Canadian Prime Minister Justin Trudeau today announced that they will be holding general elections on October 21 which added further uncertainty for the market, dragging lower the commodity-sensitive Loonie.

 

In the commodities market, crude oil price fell 0.10% to $55.83 as of writing amid lowered demand growth forecast and growing speculation of sanction waive in Iran. According to the monthly report released by OPEC, OPEC have lowered its global oil demand growth forecast by 60,000 barrels per day for 2020, the weakest in nearly a decade. Besides that, oil trader are starting to increase their expectation on Iran and Washington could reaching a deal and easing Iran sanctions after U.S President Donald Trump stated on Wednesday that he believed that Iran wanted to make a deal. Next, gold price fell 0.22% to $1493.57 a troy ounce at the time of writing following a strong dollar amid upbeat data.

 

 

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

18:00                     CrudeOIL              OPEC Meeting

19.45                     EUR                      ECB Monetary Policy Statement

20.30                     EUR                      ECB Press Conference

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
19.45 EUR – Deposit Facility Rate (Sep) -0.50% -0.40%
19.45 EUR – ECB Interest Rate Decision (Sep) 0.00% 0.00%
20.30 USD – Core CPI (MoM) (Aug) 0.2% 0.3%

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retrace from 98.65. MACD which illustrate diminishing upward momentum suggests the index to be traded lower in short-term as technical correction.

 

Resistance level: 98.65, 99.00

Support level: 98.40, 98.05

 

GBPUSD, H1: GBPUSD was traded higher following prior rebound from 1.2325. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term after closing above the 20-MA line (red).

 

Resistance level: 1.2400, 1.2515

Support level: 1.2325, 1.2260

 

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

 

Resistance level: 1.1070, 1.1150

Support level: 1.1010, 1.0930

 

USDJPY, Daily: USDJPY was traded higher following prior breakout from the downward trendline. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 108.70.

 

Resistance level: 108.70, 109.60

Support level: 107.85, 107.25

 

AUDUSD, Daily: AUDUSD was traded higher following prior close above 0.6865. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 0.6960.

 

Resistance level: 0.6960, 0.7040

Support level: 0.6865, 0.6800

 

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level of 0.6410. MACD which illustrate bullish signal suggests the pair to extend its gains in short-term.

 

Resistance level: 0.6440, 0.6470

Support level: 0.6410, 0.6395

 

USDCAD, H1: USDCAD was traded lower following prior closure below 1.3190. MACD which begins to form a bearish signal suggests the pair to be traded lower in short-term, towards the direction of 1.3145.

 

Resistance level: 1.3190, 1.3220

Support level: 1.3145, 1.3090

 

USDCHF, H4: USDCHF was traded higher following prior closure above 0.9925. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

 

Resistance level: 0.9970, 1.0010

Support level: 0.9925, 0.9865

 

CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support of 55.55. MACD which illustrate diminishing downward momentum suggests its price to be traded higher, towards the direction of 57.30.

 

Resistance level: 57.30, 58.70

Support level: 55.55, 54.45

 

GOLD_, H1: Gold price was traded lower following prior closure below 1494.50. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term.

 

Resistance level: 1494.50, 1509.00

Support level: 1483.50, 1471.50

110919 Afternoon Session Analysis

11 September 2019                           Afternoon Session Analysis

 

 

USDCAD threads lower over positive Canadian data.

USDCAD thread lower over the backdrop of positive result for the Canada Housing data which have shown on Tuesday. According to Canada Mortgage and Housing Corporation, seasonally adjusted annualized rate of housing starts increased 1.9% from a month earlier to 226,639 units in August 2019, beating market expectations of 215,000. Moreover, the value of building permits in Canada rose 3% from a year earlier to CAD 9.3 billion in July, rebounding from a downwardly revised 3.1% fall in the previous month, beating market expectations of a 2.9 percent gain.  In fact, these indicators in housing sector are very crucial to determine the economy conditions for the country, as they are closely related with consumer spending, labor, profits and overhead, which might additionally enhance the economy output. Therefore, higher reading than expectation give a positive expectation to the economic condition for the country, which further taken as bullish for CAD. On the other hand, AUD/USD tumble after the Australia Westpac Consumer Sentiment data released. According to Westpac Banking Corporation, the Westpac Consumer Sentiment Index have decreased -1.7% from the previous data of 3.6%. Since this data measures the change in the level of consumer confidence in economic activity, a poor result might indicate a poor prospect for economic condition in the Australia, which might further trigger AUD/USD to depreciate more. As of writing, USD/CAD tumbled 0.03% to 1.3143 while AUD/USD depreciates by 0.06% to 0.6854.

 

In the commodities market, crude oil slide 0.17% to 57.76 per barrel despite economic data showed a big drop in U.S oil inventories. On the other hand, gold price rose 0.39% to $1490.96 a troy ounce due to weaker US dollar.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

19.00                     CrudeOIL                               OPEC Monthly Report

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
20.30 USD – PPI (MoM) (Aug) 0.2% 0.1%
22.30 CrudeOIL – Crude Oil Inventories -4.771M -2.600M

 

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index remains traded within a sideways channel formation. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.

 

Resistance level: 98.40, 98.65

Support level: 98.00, 97.50

 

GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2280. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2405.

 

Resistance level: 1.2405, 1.2480

Support level: 1.2280, 1.2165

 

EURUSD, Daily: EURUSD was traded higher while currently testing the 20 moving average line (Red). MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breakout above the 20 moving average line (Red).

 

Resistance level: 1.1150, 1.1300

Support level: 1.0965, 1.0855

 

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.75. MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 107.75.

 

Resistance level: 107.75, 108.25

Support level: 107.25, 106.65

 

AUDUSD, H1: AUDUSD was traded higher following prior rebound from the 50 moving average line (Blue). MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.6875.

 

Resistance level: 0.6875, 0.6910

Support level: 0.6835, 0.6795

 

NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6425. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 0.6425.

 

Resistance level: 0.6425, 0.6490

Support level: 0.6295, 0.6200

 

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3185. MACD which illustrate bearish momentum suggests the pair to extend its losses toward the support level at 1.3020.

 

Resistance level: 1.3185, 1.3335

Support level: 1.3020, 1.2810

 

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9885. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9945.

 

Resistance level: 0.9945, 1.0005

Support level: 0.9885, 0.9810

 

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 58.55. MACD which illustrate bearish momentum and the formation of death cross suggest its price to extend its losses toward the support level at 56.80.

 

Resistance level: 58.55, 60.35

Support level: 56.80, 55.90

 

GOLD_, Daily: Gold price was traded lower following while currently testing the support level at 1485.65. MACD which illustrate bearish bias momentum suggest its price to extend losses after it successfully breakout below the support level at 1485.65.

 

Resistance level: 1525.20, 1551.85

Support level: 1485.65, 1444.70

110919 Morning Session Analysis

11 September 2019                           Morning Session Analysis

 

Dollar slips following declining job openings.

Dollar index have fell against its basket of six major currency rivals as job openings in the U.S have fell for the second-straight month. According to the Labor Department, job openings have slipped by 31.000 to 7.2 million in July, which is also lesser than market expectation of 7.311M. As jobs data have showed to be weak with addition of last week of Non-Farm Payroll, market are now highly expecting the FED to cut interest rate by a quarter point this month as expectation have priced in at 92%, according to the Fed Rate Monitor Tool. The greenback fell 0.02% to 98.28 as of writing. On the other hand, GBP/USD gains further by 0.09% to 1.2355 at the time of writing following upbeat jobs data in U.K. According to National Statistics, UK’s average weekly earnings, including bonuses arrived at 4.0%, beating market expectation of 3.7%. At the same time, unemployment rate also ticked lower to 3.8% from 3.9%. The upbeat data recovered further the confidence of investors towards U.K economy and boosted the demand for the pound sterling. Despite that, market remains cautious and awaits for further catalyst as Brexit development continue to weigh in the market.

 

In the commodities market, crude oil price extend its climb by 0.09% to $57.94 per barrel at the time of writing, marking a fifth straight day of gains as market confidence continue to grow towards OPEC. According to recent reports, Saudi Arabia’s ne energy minister Prince Abdulaziz have reiterated a commitment to production cuts by OPEC and stated that the kingdom’s policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained. The statement have provide further bullish sentiment for the commodity, therefore pushing the price higher. Next, gold price recovers 0.16% to $1487.71 as of writing following a combination of weak data and unsettling words from China capped appetite for risk assets.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

19.00                     CrudeOIL                OPEC Monthly Report

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
20.30 USD – PPI (MoM) (Aug) 0.2% 0.1%
22.30 CrudeOIL – Crude Oil Inventories -4.771M -2.600M

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index remains traded within a sideways channel formation. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.

 

Resistance level: 98.40, 99.00

Support level: 98.05, 97.80

 

GBPUSD, H1: GBPUSD remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for further signal before entering the market.

 

Resistance level: 1.2400, 1.2515

Support level: 1.2325, 1.2260

 

EURUSD, H4: EURUSD was traded higher while currently testing at the downward trendline. MACD which begins to form a bullish signal suggests the pair to extend its gains after breaking the trendline.

 

Resistance level: 1.1070, 1.1150

Support level: 1.1010, 1.0930

 

USDJPY, Daily: USDJPY was traded higher following prior breakout from the trendline. MACD which illustrate bullish signal suggest the pair to advance further up, towards the direction of 107.85.

 

Resistance level: 107.85, 108.70

Support level: 107.25, 106.80

 

AUDUSD, Daily: AUDUSD was traded lower following prior retrace from 0.6865. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.

 

Resistance level: 0.6865, 0.6960

Support level: 0.6800, 0.6705

 

NZDUSD, H1: NZDUSD remains traded within a sideways channel while currently testing at the bottom level. Although MACD illustrate bearish signal, a break below is required to attain further confirmation.

 

Resistance level: 0.6440, 0.6470

Support level: 0.6410, 0.6395

 

USDCAD, H4: USDCAD was traded lower while currently testing at the support of 1.3145. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after breaking the support near 1.3145.

 

Resistance level: 1.3190, 1.3220

Support level: 1.3145, 1.3090

 

USDCHF, H4: USDCHF was traded lower following prior retrace from the resistance near 0.9925. MACD which begins to form a bearish signal suggests the pair to be traded lower in short-term as technical correction.

 

Resistance level: 0.9925, 0.9970

Support level: 0.9865, 0.9820

 

CrudeOIL, H1: Crude oil price remains traded within an ascending channel following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggests its price to be traded higher in short-term.

 

Resistance level: 58.70, 60.85

Support level: 57.30, 55.55

 

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1483.50. MACD which begins to form a bullish signal suggests its price to be traded higher in short-term as technical correction.

 

Resistance level: 1494.50, 1509.00

Support level: 1483.50, 1471.50

100919 Afternoon Session Analysis

10 September 2019                           Afternoon Session Analysis

 

 

Aussie tumble after poor data released.

AUD/USD tumble from the session high after dismal Australia Business Confident Index and China Producer price Index (PPI) was released. A weak Producer Price Index (PPI) in China will undoubtedly trigger the economy growth in one of its largest trade partner, Australia and lead to a deprecation in Aussie dollar. In fact, according to Australian NAB business data, the business confidence index drop to 1 in August from July’s print of 4, despite the Reserve Bank of Australia (RBA) applied expansionary monetary policy in June and July. The business conditions index also deteriorated to 1 from 3. These poor data indicates that rate cuts have failed to boost the business sentiment and enhance economy in the Australia, which might additionally trigger a further drop in Aussie dollar. On the other hand, USD/JPY climbed up as investors have a positive prospect towards trade war truce between China and US while Brexit issue is likely to be settled down. The positive market sentiment reduces the desirability of safe havens, such as Yen and move USD/JPY to a higher price. As of writing, AUD/USD depreciated 0.10% to 0.6854 and USD/JPY rose 0.18% to 107.403.

 

In the commodities market, crude oil rose 0.24% to $58.16 per barrel on hopes of extended OPEC production cuts. According to the statement of Prince Abdulaziz, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), he mentioned that the pillars of Saudi Arabia’s policy would not adjust and global deal to reduce oil production by 1.2 million barrels per day would be continued. On the other hand, gold price depreciates by 0.65% to $1489.26 a troy ounce after rising U.S. bond yields pushed investors toward risky assets.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
16.30 GBP – Average Earnings Index +Bonus (Jul) 3.7% 3.7%
16.30 GBP – Claimant Count Change (Aug) 28.0K 29.3K
16.30 GBP – Unemployment Rate 3.9% 3.9%
22.00 USD – JOLTs Job Openings (Jul) 7.348M 7.311M

 

Technical Analysis 

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the 20 moving average line (Red). MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains after successfully breakout above the 20 moving average line (Red).

 

Resistance level: 98.35, 98.65

Support level: 98.00, 97.50

 

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2345. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.2285.

 

Resistance level: 1.2345, 1.2400

Support level: 1.2285, 1.2220

 

EURUSD, H4: EURUSD was traded lower following prior retracement near the resistance level at 1.1070. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses towards the support level 1.1030.

 

Resistance level: 1.1070, 1.1115

Support level: 1.1030, 1.0985

 

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 107.25. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 107.75.

 

Resistance level: 107.75, 108.25

Support level: 107.25, 106.65

 

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6875. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.6835.

 

Resistance level: 0.6875, 0.6910

Support level: 0.6835, 0.6795

 

NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6395. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6490.

 

 

Resistance level: 0.6490, 0.6595

Support level: 0.6395, 0.6330

 

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3140. MACD which illustrate bullish signal suggest the pair to extend its rebound toward the resistance level 1.3185.

 

Resistance level: 1.3185, 1.3220

Support level: 1.3140, 1.3095

 

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9890. MACD which illustrate diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 0.9890.

 

Resistance level: 0.9945, 1.0005

Support level: 0.9890, 0.9840

 

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 57.85. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo short term technical correction toward the support level at 57.85.

 

Resistance level: 58.55, 60.35

Support level: 57.85, 56.80

 

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1490.00. MACD which illustrate ongoing bearish momentum suggest the commodity to extend its losses after successfully breakout below the support level at 1490.00.

 

Resistance level: 1507.10, 1526.90

Support level: 1490.00, 1457.80