Daily Market Analysis

Market Focus

An exhange-traded fund tracking the Nasdaq 100 Index jumped in late trading after Apple Inc. crushed revenue estimates and Facebook Inc. reported gains in sales and users.

Stocks ended the cash session lower after a back-and-forth day.

The S&P 500 reached a session high after Jerome Powell said the central bank is not considering cutting back on asset purchases that have helped the economy recover from the pandemic. Treasuries rose after the Fed kept interest rates at zero and policy makers strengthened their view of the economy.

Here are three takeaways of Fed Chairman speaking and FOMC statement:

1. Federal Reserve Chair Jerome Powell and his colleagues upgraded their assessment of the U.S. economy but said they were not yet ready to consider scaling back pandemic support.

2. The recovery has been faster than expected but “it remains uneven and far from complete” and the economy “is a long way from our goals.” U.S. central bankers repeated they would not change the pace of bond buying until “substantial further progress”.

3. The statement also noted that sectors hit hardest by the Covid-19 pandemic had “shown improvement.” And on the risk of prices rising, policy makers said: “Inflation has risen, largely reflecting transitory factors.”

Main Pairs Movement:

The dollar slid to session lows Wednesday as the Federal Reserve signaled risks to the economy from the coronavirus have abated and left the current pace of asset purchases unchanged. Resource-linked currencies led gains, with the Canadian dollar hitting the highest level since 2018 as a key gauge of commodities touched a fresh almost three-year high.

Among G-10 peers, the Norwegian krone, New Zealand, and Canadian dollars led gains. EUR/USD trading +0.3% at 1.2124 in the day as European Central Bank President Christine Lagarde says the region is probably past the peak of the third wave of coronavirus infections, but there are still downside risks in near term.

ECB’s response to the crisis has proven efficient; euro area still needs monetary, fiscal stimulus. ECB is closely watching exchange rate’s impact on inflation.

Technical Analysis:

EURUSD (4 hour Chart)

Euro dollar has soared up to highest level; earlier fell as much as 0.3% to 1.2056; since March after Fed left key rate unchanged, trading at 1.2124 as of writing. For RSI side, indicator shows 65 figures, suggesting a room for upward side before tap into over bought sentiment. On moving average price, 15-long SMA indicator turn positive slope and 60-long SMA indicator retaining an ascending movement.

Therefore, we foresee there still have a upper-space as market sentiment remain a benign bullish momentum. Before optimistic views, we need to eyes on euro dollar whether could emphatically stand above 1.2106 level.

Resistance: 1.213, 1.22

Support: 1.2106, 1.199, 1.192

USDJPY (4 Hour Chart)

Japan yen wiped out earlier session gains after Fed’s rate decision and chairman’s dovisk statement, trading nearly day low at 108.618 as of writing. Meantime, 10 years Treasuries yields turn negative territory at 1.611% which once pick up to day high 1.664%. For RSI side, indicator was close to the neutral area at 55 around which suggest a mixed movement in forthcoming market. On the other hand, 60-long SMA indicator hold an opaque movement but 15-long SMA indicator seems is going to golden cross with 60 one.

Continuing our yesterday perspective, we deem market bounced up was too rapidly thence a correction is necessary, yet, for bullish aspect, 108.37 have to be defended. Currently, we expect market will intend to choppy in a tiny range which between neckline at 108.37 and first resistance.

Resistance: 108.93, 109.22

Support: 108.37, 107.936

USDCAD (Daily Chart)

Loonie finally breakthrough the critical support at 1.238, of course driven by Fed’s rate decision, trading at 1.23144 nearly all time low in this 2 years. At the meantime, Dollar index drop to a nadir of price action since March. For moving average side, 15 and 60-long SMAs remaining a descending trend. For RSI side, indicator has slipped into the over sought territory at 23 figure, suggesting an over pessimetic at the moment.

Sum up aforemention, we expect loonie will have a substantial space for downward trend as it penetrated 2 years neckline. Therefore, 1.238 level would be the vital resistance for our perspective.

Resistance: 1.238, 1.246, 1.2491

Economic Data

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Daily Market Analysis

Market Focus

U.S. technology stocks fell as investors turned their attention to a batch of earnings from industry heavyweights that have helped drive the market to all-time highs.

The Nasdaq 100 dropped for the first time in three sessions, weighed down by declines in tech heavyweights including Tesla Inc. and Alphabet Inc. The S&P 500 closed little changed after swinging between gains and losses throughout the day. United Parcel Service Inc. soared to a record after beating Wall Street’s profit estimates.

Tesla ended a two-day streak of gains after its results failed to impress investors. 3M Co. was the biggest drag on the Dow Jones Industrial Average after it warned that higher costs for raw materials and transportation is a worsening threat. Google parent Alphabet climbed more than 4% post market, erasing its cash-session decline after profit and revenue exceeded Wall Street’s expectations. Microsoft Corp. reversed a gain and dropped 3.5% after reporting revenue that missed the highest analysts’ estimates.

While the earnings season has been generally strong so far, investors may be waiting for more robust beats to fan the next move higher. Four out of five S&P 500 companies that have released results have either met or beaten expectations. On average, shares have gained less than 0.1% after the reports, according to data compiled by Bloomberg.

Meanwhile, U.S. data this week are expected to show growth accelerated to an annualized 6.8% in the first quarter. A Conference Board measure Tuesday showed consumer confidence reached the highest since February 2020 as Americans grew more upbeat about the economy and job market.

Main Pairs Movement:

The dollar advanced while U.S. 10-year yields touched the highest level in a week as Federal Reserve policy makers began a two-day meeting with a decision Wednesday that may provide insight into their views on tapering asset purchases. The Canadian dollar slipped from the highest level in five weeks as traders await comments Tuesday from the central bank governor.

Among Group-of-10 peers, the Norwegian krone and pound led gains; the Australian and New Zealand dollars were among the laggards. The U.S. 10-year Treasury yield climbed as much as 5.9bps to 1.63%

The divergence in sentiment for the euro as shown by its volatility skew has reached levels seen only a handful of times in data going back to 2006. The spread between one-year and nine-month risk reversals is trading around 40 basis points in favor of the longer-term puts.

Technical Analysis:

EURUSD (4 hour Chart)

EURUSD consecutive two days slightly move in the day market which gird in tiny horizontal channel, trading at 1.2088 as of writing. Euro dollar bounced back but under 1.21 from intraday low of 1.2060 while investor awaiting ECB chairman speaking, FOMC statement and Fed interest rate decision. For RSI side, indicator shows 58 which suggest a upward momentum ahead of. On average price aspect, 15 and 60-long SMAs are retaining an ascending trend.

In the lights of aforemetional suggestion, we still expect market maintain bull movement at current stage. It is one thing worthnoting that there has a solid threshold at 1.21. In additional, market could face a tumultuous as central bank governor speaking and any decision.

Resistance: 1.2106

Support: 1.2071, 1.199, 1.192

USDJPY (4 Hour Chart)

Japan yen hovered to close the day in the positive territory, trading at 108.756 level as of writing, whilst greenback clings in tiny daily gains. In morning session, the BoJ govorner said that the central bank can achieve a 2% inflation target by continuing powerful money easing as at it post-monetary policy meeting that drive devaluation expectation rising. For RSI side, indicator is locating at 66 figure, suggesting a bull move at short run. On the other hand, yen jumped significantly that drove 15-long SMA indicator turn to upward way and 60-long remaining a slightly move.

At current stage, yen stand above the month-long neckline at 108.37 level as recovery from days ago low. Therefore, we believe market has potential upward indication. However, we see the market momentum was pick up too rapidly in short term that probably will induce some take-profit trade from long position.

Resistance: 108.93, 109.22

Support: 108.37, 107.936

USDCAD (Daily Chart)

Loonie fail to continue it downward momentum as it struggle near by critical support and pan-commoditie market was lack of any direction, modest recovery above 1.24 mark. For RSI side, indicator record 34 figure which suggest a downward sentiment in short term. On moving average side, both SMA indicator are retaining downside movement.

Integrity all spots, we consist our yesterday view that loonie could cling at current stage, at 1.238 level, to waiting other strong bearish signal like greenback devaluation or loose statement from central bank. Moreover, pan-commodities price rising will appreciate for loonie as well.

Resistance: 1.246, 1.2491, 1.2587

Support: 1.238

Economic Data

Daily Market Analysis

Market Focus

U.S. equities climbed to a record high amid solid corporate earnings and confidence that the Federal Reserve will remain accommodative even as robust growth takes the world’s largest economy back to pre-pandemic levels.

The S&P 500 rose after notching its first weekly decline since mid-March. Most of the main 11 industry groups gained, with energy and consumer-discretionary shares jumping the most. Small-cap stocks in the Russell 2000 outperformed the broader market. The U.S. 10-year Treasury yield hovered around its 50-day moving average. Copper, seen as a barometer of growth, surged to the highest in a decade.

Investors this week will focus on corporate earnings and U.S. economic data even as the Fed primes them to expect no change to policy at their two-day meeting ending Wednesday. While emerging economies from India to Brazil are grappling with a Covid-19 surge or renewed curbs, the developed world is on a firmer recovery path with a faster pace of vaccination.

Data on Thursday may show U.S. gross domestic product increased at a 6.9% annualized pace from January through March after a more moderate 4.3% rate in the previous quarter. Other reports this week may show a pickup in consumer confidence and robust personal spending. Recent indicators cemented economic optimism, with durable-goods orders rebounding in March and output at manufacturers and service providers reaching a record high in April.

European stocks advanced Monday, as gains for banks and travel companies offset losses for food companies and utilities. The dollar was little changed after initially falling to a two-month low. It was still on course for the biggest monthly drop this year.

Main Pairs Movement:

The Canadian dollar touched a five-week high, while the Australian dollar topped all Group-of-10 peers Monday, as a key index of commodities climbed to the highest since June 2018. A gauge of the dollar hit the lowest in two months as the Federal Reserve is set to begin a two-day meeting that ends Wednesday with a decision that could provide clues on its tapering stance.

Among G-10 peers, the Australian, Canadian and New Zealand dollars outperformed amid a surge in copper and iron ore prices; the yen and euro led losses.

EUR/USD -0.1%; earlier climbed to 1.2117, the highest since Feb. 26. Short-dated risk reversals ease with gamma around EUR2.6 billion of 1.20 strikes and EUR2 billion of 1.19 strikes rolling off Wednesday.

AUD/USD advanced 0.8% to 0.7803; NZD/USD rose 0.5% to 0.7238. Pair likely capped by ~AUD1.1 billion of 0.7830 options expiring Tuesday, according to DTCC data. GBP/USD +0.2%; rose as much as 0.4% to 1.3929; a move through 1.40 is likely.

Technical Analysis:

EURUSD (4 hour Chart)

EURUSD slightly move in the day market which gird in tiny horizontal channel, trading at 1.2086 as of writing. As the lastest CFTC report, the EUR net speculator’s positioning increasing sharply. For RSI side, indicator show 59 figure at the moment, suggest a bullish momentum in short run. Furthermore, 15 and 60-long SMAs indicator are remaining acending trend. Therefore, we still optimistic for next bullish momentum that base on currently thread. However, there has a pursuant resistance at 1.2106 on the north side. If euro penetrate the resistance, we believe euro would hold the bull movement ahead.

Resistance: 1.2106

Support: 1.2071, 1.199, 1.192

AUDUSD (4 Hour Chart)

Aussie dollar has remians on upward track to post strong daily gains around 0.78 level which amid weakness greenback and benefit by booming commodities price as it commodities-linked characteristic. In the absence of worthnothing news, the pickup witnessed in copper prices provided a boost to the Aussie. For technical side, RSI indicator has risen to 68 figures which suggest a bullish guideline. On average price view, 15 and 60-long SMAs indicator are both sprawling upward trend.

Overall, we expect market still have room for upper side if greenback remaining weak\ness and rising price of commodities marketplace. Elsewhere, we see there has a strong resistance in short distance on 0.783 around. Moreover, unstopable bullish sentiment will drive RSI too quick to over bought threholds that might spur some sell-off order to the market.

Resistance: 0.783

Support: 0.775, 0.7695, 0.7656

USDCAD (Daily Chart)

Just like other commodities-linked currencies, loonie also driven by weakness greenback and inflation expectation of commodities market. As of writing, loonie tumbled during the north American session, reaching the lowest level since March 18^th and also the multi-year low. Pair broke 1.246 then close around 1.2394 level. For RSI perspective, indicator has drop to 30 figure which pretty close to over sought barrier. Moreover, 15 and 60-long SMAs indicator have death cross in recently day.

Integrity all spots, we foresee market will reverse currently movement in short term as trigger the critical support level. On slip side, if market sucessive tamp down over nadir level, there will extend the plummet momentum and sentiment because there lack of a price cluster support.

Resistance: 1.246, 1.2491, 1.2587

Support: 1.238

Economic Data

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Daily Market Analysis

Market Focus

U.S. stocks had their biggest slide in five weeks after President Joe Biden was said to propose almost doubling the capital-gain tax for the wealthy. The dollar advanced.

The S&P 500 turned lower after Bloomberg News reported that for those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for rich investors could be as high as 43.4%. Speculation arose that some traders may sell shares before any change is made to capture the lower rate.

Equities whipsawed throughout the session amid mixed economic data and renewed concern the pandemic was worsening. All major groups in the S&P 500 fell, led by material, energy and tech shares. AT&T Inc. jumped after beating earnings estimates. Intel Corp. — the biggest chipmaker — slid in afterhours trading as it reported a drop in data-center revenue and a steep slump in gross profit margin.

Elsewhere, Bitcoin declined for the sixth time in seven days, extending losses after the higher capital gains proposal was revealed. Investors already face a capital-gains tax if they hold the cryptocurrency for more than a year.

Main Pairs Movement:

The dollar rose as reports of President Joe Biden considering almost doubling the capital gains tax rate weighed on risk appetite, with U.S. stocks headed for worst day in four weeks. The euro slipped after the European Central Bank confirmed that it was not yet discussing a phase-out of its emergency bond purchases. U.S. 10-year bond yields slid for a third day, edging lower to 1.55%; U.S. stocks headed for their biggest drop since mid-March.

Here are the takeaways from the ECB decision and news conference.

1.The ECB kept policy steady as widely expected, confirming that the latest incoming information pointed to a continued need for “significantly higher” emergency bond purchases

2. Pressed on whether the last weeks’ purchase figures really constituted a “significant” increase, President Christine Lagarde stressed the focus must be on monthly numbers, rather than weekly

3. She also said it would be premature to discuss phasing out the crisis tool, and offered a downbeat assessment of the short-term risks to the economy. A number of analysts expect buying to slow again in the third quarter

4. Lagarde highlighted that she doesn’t see the ECB and the U.S. Federal Reserve moving in tandem, as the two economies are “not on the same page”

5. Market moves were limited, with the euro erasing a gain to trade around 1.2026 versus the dollar; German and Italian bonds also reversed earlier

USD/JPY is little changed at 108.09, dropped as much as 0.2% as Tokyo Governor Yuriko Koike sought to reimpose a state of emergency. NZD/USD sinks 0.8% to 0.7159 to be the worst performer in G10. The kiwi’s decline was led by sales against the Aussie, according to an Asia-based FX trader. AUD/NZD snapped a three-day drop to rise 0.1%.

Technical Analysis:

EURUSD (4 Hour Chart)

The European Central Bank had a monetary policy meeting. As widely anticipated, European policy makers decided to leave rate unchanged. President of ECB said it would be premature to discuss phasing out the crisis tool, and pessimitic assessment of the short-run risks to the economy. On the technical side, RSI indicator has fallen below neutral line to 49.7 figure as of writing, suggesting a shred of bearish movement. On the other hands, 15-long SMA indicator turn side to south way but 60-long SMA indicator remain north way.

On price action, it is obvious that euro dollar attain a strong downside support after correction to 1.199 level couple times. As the mixed information, we foresee market still have a north side chance. However, poor indicator suggestion is pinning the marketplace. Therefore, 1.19 is still vital first support level which need immediately to be defended. If penetrate downward further, 1.192 will be the next support level.

Resistance: 1.2071, 1.2106

Support: 1.199, 1.192, 1.1877

GPBUSD (4 Hour Chart)

At the time of writing, pound slip to 1.3839. It seems loss the gravity that down from 1.9349 to low 1.3826 while U.S. session. In imminent sessions, UK Retail Sales is due on Friday, along with the flash PMIs data. Reuters reported that “Brititsh manufacturing’s expectations of an economic rebound rose to highest since 1973 this month as the country begain recovery from COVID-19 pandemic”. However, we need to faint wary of UK PM was warning the next pandemic wave probably forthcoming.

For RSI side, indicator has drop to 37.8 figures, suggesting a bearish momentum ahead. On price average perspective, 15-long SMA turn negative slope whilst 60-long SMA retain upward movement. Currently, we see price has plummeted over the former critical support level at 1.39 which is neckline of previous double bottom. Therefore, we expect market will choppy in a tiny range between first resistance and support gauge. On slid way, if consecutive go down after 1.3822 level, it could induce continuosly downward movement.

Resistance: 1.4, 1.3959, 1.39

Support: 1.3822, 1.3796

XAUUSD (4 Hour Chart)

Gold stopped the previous two days snap up momentum that slipped to alongside 15-long SMA indicator; at the meantime, 15 and 60-long SMAs indicator are remaining the asceding trend. Basically, gold market has been dragged down by overwhelming greenback after U.S. president Joe Biden want to rose up the tax. For RSI view, indicator shows 56 figures as of writing which suggest a glimmer of bullish momentum.

All of all, we stll feel optimistic for upcoming market bull movement. Therefore, if we have to keep upward momentum, any correction need to be stop at $1759.7 level on slid way.

Resistance: 1800.7, 1812.8

Support: 1759.7, 1754.5, 1722.75

Economic Data

Daily Market Analysis

Market Focus

Asia stocks are poised to bounce after U.S. equities snapped a two-day drop on a rally in companies that stand to benefit the most from an economic revival. The dollar fell, while Treasuries stabilized.

Futures pointed higher in Japan, Australia and Hong Kong. Most major groups in the S&P 500 rose, with raw-material, energy and financial shares leading the charge. The Russell 2000 Index, a gauge of small caps, climbed more than 2%, outperforming major benchmarks.

Oil fell for a second day with an increase in U.S. crude inventories compounding concerns around a choppy global demand recovery. Gold edged higher.

Equities rebounded as traders sifted through corporate results for signs on whether an anticipated jump in profits would bring with it forecasts for stronger growth. Earlier losses were driven by concern over a flare-up in coronavirus cases around the world that could jeopardize an economic rebound, particularly with stocks trading near their all-time highs.

Main Pairs Movement:

The Canadian dollar rallied after policy makers pared back their bond buying program, making Canada the first major economy to reduce emergency levels of monetary stimulus. A gauge of the U.S. dollar retreated as stocks rebounded and commodity currencies edged higher.

USD/CAD fell as much as 1.2% to 1.246, the most since June 2020, backtracking on an earlier gain of 0.4% while the central bank said the recovery will still need extraordinary support, it also indicated that it’s bringing forward its expected timeline for rate increases.

NZD/USD climbed 0.5% to 0.7211, while AUD/USD rose 0.4% to 0.7762. USD/JPY erased an earlier decline to be little changed at 108.12.

EUR/USD fell less than 0.1% to 1.203 after earlier slipping as much as 0.3%. The European Central Bank meeting on Thursday carries little risk of setting off fireworks in the currency market.

Technical Analysis:

EURUSD (4 Hour Chart)

Euro dollar choppy in the day in a tiny range for second consecutive day, trading at 1.2034 as of writing. In day movement, euro dollar once slipped to 1.2 in earlier session then rebound from strong psychological level. For technical side, even though RSI indicator once went down to 50 figure, it pull up to 58 figure while market close which suggest a bull movevment ahead. On average price perspective, 15 and 60-long SMAs indicator still held ascending momentum. Therefore, for price action perspective, we believe euro dollar still have room to north side.

On the other hands, investors wait for the tomorrow ECB rate decision. Most market participant expect ECB could more clarify on Crisis Exist subject.

Resistance: 1.2071, 1.2106

Support: 1.199, 1.192, 1.1877

GPBUSD (4 Hour Chart)

Sterling has bounced back above 1.39, recovering it earlier session loss amid U.K. CPI missed expectation with 0.7% and PM warn of next covid wave whilst greenback reward from risk-off sentiment in share market. For technical side, RSI indicator shows 57 figure, suggesting a slighty-bull movement expectation. On Moving Average view, both 15 and 60-long SMAs indicator retain upward trend.

For price action side, we see sterling obtain a retreatment on 1.39 where is neckline of double bottom we considered a strong support level. Therefore, we expect market still have a bullish movement in further marketplace but it have defend 1.39 level while correction term.

Resistance: 1.4, 1.3959

Support: 1.39, 1.3822, 1.3796

XAUUSD (4 Hour Chart)

Gold has hovered two consecutive day while it is towarding to 1800 level as greenback weakens, trading at 1793.79 as of writing. A slipped of greenback as well as U.S. 10 year Treasuries yields boosted metal sharply up. Meantime, an improvement in market sentiment helped gold. For RSI view, indicator is close to the 70 figures which mean market gradually situate in over bought sentiment. On average price side, long and short-term SMAs indicator are both retaining it downwind trend.

All of all, we feel optimistic for upcoming bull market movement. However, we see strong pyschological resistance at 1800 on upper side. Therefore, if we have to keep upward momentum, any correction need to be stop at $1759.7 level on slid way.

Resistance: 1800.7, 1812.8

Support: 1759.7, 1754.5, 1722.75

Economic Data

Daily Market Analysis

Market Focus

U.S. stocks fell for a second day as rising virus cases around the world led to renewed concern over the continued economic impact, overshadowing a batch of solid corporate results.

The S&P 500 extended its slide from an all-time high, with investors showing caution ahead of the brunt of the earnings season. All eyes will be on whether an anticipated rise in profits will bring with it forecasts for stronger growth ahead. International Business Machines Corp. climbed after reporting its largest revenue growth in 11 quarters, while United Airlines Holdings Inc. paced a selloff in travel stocks on a bigger-than-expected loss. Netflix Inc. plunged in post market trading as its first-quarter subscriber growth fell short of the average analyst estimate.

While American equities are trading at a valuation that’s about 35% above the average of the past decade, investors are focused on what’s forecast to be the best earnings season in two years. One of their biggest concerns is whether companies are equipped to handle mounting inflation pressures as the economic recovery gains momentum.

Elsewhere, the dollar rose for the first time in seven sessions, while the Treasury 10-year yield dropped to the lowest level in more than five weeks.

Main Pairs Movement:

A gauge of the dollar snapped a six-day losing streak on Tuesday as commodity currencies slipped along with crude oil after a U.S. House committee cleared a bill that opens OPEC to Justice Department antitrust lawsuits.

USD/CAD rose as much as 0.6% to 1.2613, breaching its 55-DMA as it eyes the April 13 high of 1.2629; it was the pair’s biggest intraday gain in almost five weeks. Weakness in the loonie comes ahead of a Bank of Canada policy meeting Wednesday. The euro also slipped after a poll showed the German Green party taking a seven-point lead over Chancellor Angela Merkel’s conservative bloc.

AUD/USD fell by as much as 0.5% to 0.7719 after earlier climbing as much as 0.7% to 0.7816. Move may have been partly driven by profit-taking and put demand. Other than this, NZD/USD slid 0.2% to 0.7173 as commodity currencies backed down in U.S. trading, erasing an early advance of as much as 0.6%.

Technical Analysis:

EURUSD (4 Hour Chart)

Euro dollar ebbed a little as it bull move amid sterling correction that drive dollar pick up, currently trading at 1.2036. At the current stage, market still move along with in upper side of 15-long SMA while 60-long SMA retain it ascending trend. Moreover, RSI indicator show a bullish signal as it set at 61.3 figures. Integrity above perspective, we foresee the market will supress by first resisitance at 1.2106 level, therefore, remaining a room for north side. For next check point, we need to ensure will market stand firmly above the 1.199 level where obviously a neckline of bottom pattern.

Resistance: 1.2071, 1.2106

Support: 1.199, 1.192, 1.1877

GPBUSD (4 Hour Chart)

Sterling wrong-foot correction in daily market lead it loss 0.32%, trading at 1.3941, after yesterday coup movement which aslo induced dollar index binge. Absolutely, it is seemingly impeded by pyhcological resistance at 1.4 level. On the other hands, RSI indicator also cold down from torrid overbought territory while it slip to 62 figure , still suggesting a bullish guidance at least for short term. Furtonutely, both 15 and 60-long SMAs indicator are still on acending path.

All of all, we expect market will remain the bullish movement for long term but short run is more likelihood of consolidation move. Therefore, bull side should entrench the first support level on 1.39 which also considered a neckline of W pattern. On contrast, we see there lack of an effective upper boundary expect for the 1.4 level which suffocated by two-month-long upside price cluster resistance.

Resistance: 1.4, 1.3959

Support: 1.39, 1.3822, 1.3796

XAUUSD (4 Hour Chart)

Gold inverted yesterday move that turn back on the bullish trajecctory, trading at day high $1777.7. On technical side, RSI indicator trading at 60.7 figure which suggest a bullish momentum for short term. At the meantime, 15 and 60-long SMAs indicator are both remaining upward trend. For price action perspective, after penetrated 1759.7 level, gold seemingly situate a solid prosperity. Therefore, we expect there still have window for pick up side. On upper side, we see phycological figure at 1800 will be the first critical resistance. If retain movement furtther, next resistance eyes on 1812.8. On lower side, 1759.7 still be the first barrier where is the shoulder of double bottom.

Resistance: 1800.7, 1812.8

Support: 1759.7, 1754.5, 1722.75

Economic Data