Dear Client,

As part of our commitment to providing the best reliability and service to our customers, we are planning an upgrade in our server on Oct 3th – 4th, 2020.

As a result, we will be conduct maintenance according to the schedule below.
Start date and time: 2020-10-3 13:00 GMT+3(Server time)
End date and time: 2020-10-4 08:00 GMT+3(Server time)

The impact can only make customers be unable to log in to the MT4 software temporarily, and that won’t affect any order which has been opened.

No action is required by our customers. Your services will come back online at the end of the maintenance.

Thank you for your patience and understanding with regard to this important initiative.

If you have any questions, our team will be happy to answer your questions.Please mail to [email protected] or contact the service online.

Daily Market Analysis

Market Focus

The end-of-month rebound in global equities faded as investors weighed prospects for fiscal stimulus in the U.S. and the outlook for the coronavirus pandemic. Oil tumbled on concern slow growth will limit demand. WTI oil fell toward $39 a barrel in New York.

The S&P 500 Index slumped, with more than two stocks falling for every one that advanced, after talks on expanding aid ended for the day with plans to resume discussions tomorrow. Elsewhere, Banks led broad-based declines in the Stoxx Europe 600 index. On the other hands, data showing New York City’s rate of positive tests rose above 3% for the first time in months weighed on sentiment.

With the pandemic’s global death toll exceeding 1 million and virus cases on the upswing in many locales, investors are pinning hopes on a $2.2 trillion stimulus proposal by Democrats to help support economic growth. End-of-month and end-of-quarter portfolio rebalancing could also be exacerbating market moves as September comes to a close.

The negotiations between the Trump administration and congressional Democrats are reaching a critical juncture this week. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke Tuesday morning for 50 minutes and are set to speak again Wednesday.

Market Wrap

Main Pairs Movement

The dollar touched the lowest in almost a week after a report showed consumer confidence rebounded by the most in 17 years and as traders eye the U.S. presidential debate later Tuesday.

The euro is on pace to rise the most this month on short covering amid rebalancing flows. Euro hovered 0.6% to 1.1738 as writing around the market close and versus session high of 1.1745. According to market data, real money flows ahead of month-end which was also short covering on disappointment spot could not dropped below 1.16, where large options expire later this week.

Aussie advance 0.9% to 0.7149 lead in G-10, Japan yen +0.2% to 105.69 hit two week high which not only easing fears of stock market sentiment also driven in part by EUR/JPY short covering as cross rises to its highest level since Sept. 18.

COVID-19 Data (EOD):

Technical Analysis:

XAUUSD (H4)

Gold close around 1898.07 and ushered consecutive 2 days as share market hovered mixed. Also, new congressional debate of stimulus package beef up inflation prospect that spur precious mental price up. According to the 4-hour chart, gold just breakthrough double bottom pattern with novated high price in short term. Moreover, RSI index is benign upward with 62 figures, suggesting a bullish gaudiness. On the other hands, 15-MA turn upward with positive side.

However, high negative relative argue, DXY index, has tamp down to a critical support as the 93.7 level while it close at 93.87 as writing. According the image blow, we believe that gold price will more gird shares market rather than the risk aversion sentiment since unprecedented pull back from Covid-19 plummet.

Resistance: 1883, 1900

Support: 1873.84, 1870.8, 1850.7

EURUSD(H4)

Euro dollar has bounced back from monthly beleaguered at 1.1618 to currently around 1.1743 that we believe amid revival from stock market sentiment in fit and start. Meanwhile, reports alleged Germany sees an increasing likelihood that the EU’s unprecedented stimulus package could be stall. On the other hands, Euro Union is heading to leader summit tomorrow.

For RSI perspective, it strongly pulls back from over sought threshold to 66, suggesting bullish gaudiness in short term. Moreover, 15-MA shows turn into positive slope and 60-MA is getting slow pace of downward.

According to 4-hour chart, the first resistance represents heavy stress level of sell position since last slipped.

Resistance: 1.1762, 1.1794

Support: 1.1712, 1.1684

USDCAD (H4)

Lonnie once dropped to daily low of 1.335 on Tuesday but staged a higher in the early American session. As of writing, pair was up 0.12% on the day at 1.3388. On the other hands, falling crude oil price weighed on the commodities-linked loonie and fueled it to reverse direction. At the moment, the barrel of WTI is down to $39.95.

For RSI perspective, index suggesting upward signal but curbed around the neutral area. Other than this, both long- and short-term MA is heading to upward, but short term seems getting flat.

Resistance: 1.342, 1.3459

Support: 1.3344, 1.3265, 1.3143

Economic Data

Dear Client,

Please note change of the following products after Daylight Savings Time in Australia begins in October 5th, 2020.

If you have any questions, our team will be happy to answer your questions.Please mail to [email protected] or contact the service online.

Daily Market Analysis

Market Focus

U.S. Stocks jumped after four weeks of declines and European shares added the most in three months amid broad gains for equities. The greenback weakened on Monday. Banks led the S&P500 to its biggest gain in two weeks as investors found buying opportunities after the gauge fell to its lowest since July since last week. More than 10 stocks were higher on the benchmark for every one that fell. HSBC added almost 9% after its biggest shareholder raised its stake.

Signs that U.S. politicians are moving toward new fiscal stimulus has been a boon to stocks in recent days as FED continues to provide liquidity.

According to John Porter, head of equities at Mellon Investments, “the Fed is making it almost impossible for investors to get too bearish; on top of that, the market is getting more comfortable with the realization that Covid is going to stay with us for a while now.

Market Wrap

Main Pairs Movement

The GBPUSD pair holds on to daily gains but pulled back from an early high of 1.2929. Pound supported by hopes of an EU-UK trade deal and comments from BOE’s Ramsden, who dismissed using negative rates.

The USDJPY pair has spent Monday consolidating near its recent highs, unable to attract investors. Eyes turn to September Tokyo inflation. The USDCAD pair gained nearly 200 pips last week and seems to have gone into a consolidation phase on Monday.

DXY is eroding part of the recent gains and recedes to the initial support around 94.20 on Monday. On the other hand, the price of oil is trading on the bid around $40.45, some 0.95% higher having travelled from a low of $39.80 and scoring the highest levels since the 21^st Sep.

COVID-19 Data (EOD):

Technical Analysis:

XAUUSD (H4)

Gold has moved higher on Monday as a substantial pullback in the greenback kicks in at the start of the week. Looking at the chart, we can see that the yellow metal has gained some support at the 1850 level while breaking the resistance level above 1876. Additionally, from the RSI, we learn that the indicator is showing some bullish divergence pattern. This pattern generally takes place when the RSI waves make a higher low as the price waves made lower lows.

Some key levels to look out for includes resistances around 1883 and 1900. If the safe-haven metals could take out these levels, there is a good chance of the gold extending its price back to the highs.

Resistance: 1883, 1900

Support: 1850, 1813

EURUSD(H4)

ECB’s President, Christine Lagarde, interrupted EUR’s recovery after claiming that the policymakers are monitoring FX movements, adding that it’s clear that external value of Euro has an impact on inflation. However, these comments are largely ignored by the markets. With the greenback struggling on Monday to extend its strength from the previous week, the EURUSD pair staged a rebound back from the 1.636 level and rose to a daily high at 1.1675. At the time of writing, EURUSD has retreated modestly back to 1.16670 at the time of writing, up 0.33% on the day. In all, to extend the bullish trend, EURUSD must first penetrate the next resistance level at 1.1684.

Resistance: 1.1684, 1.1715

Support: 1.1636, 1.1613

AUDUSD (H4)

AUDUSD advanced on the greenback’s pullback on Monday. At the time of writing, the pair sits around 0.7023, nearing the resistance level of 0.7074 that has been tested multiple times in the past 12 hours. However, due to the lack of any significant Australia’s economic data, it seems that the price action of AUDUSD pair may be left in the hands of market sentiment. Additionally, with the RSI is pushing away from the oversold region but cannot break past 50, we expect a bearish trend may persist. At the same time, if the bulls remain unable to break above the 0.7074 resistance, then a reversal to the downside is likely.

Resistance: 0.7074, 0.7149

Support: 0.7014, 0.6971, 0.6923

Economic Data

Dear Client,

Please note closure of the following CFDs due to the National Day, Mid-Autumn Festiva and Chung Yeung Festival as follows:

If you have any questions, our team will be happy to answer your questions.Please mail to [email protected] or contact the service online.

Daily Market Analysis

Market Focus

The September stock-market selloff that started after the overheated tech shares were no longer attracting as much investment evolved this week into a more troubling sign for the U.S. economy.

Although stocks advanced Friday after lawmakers revived hopes for a fresh spending bill, the SP500 notched a fourth straight weekly drop. This time, it was not the big tech companies that contribute to the loss, instead, companies in the banking industry and commodity producers led the decline. Additionally, airlines are sinking the most since June.

Investors are concerned that despite the Friday’s rally, the U.S. economic growth is unlikely to accelerate any time soon. Subsequently, money flowed back to the safety of the stay-at-home trade. Zoom Video Communications rallied 68%, peloton jumped 10% and Amazon added 2.5%.

According to William Delwiche, an investment strategist at Baird, “the lack of fiscal stimulus and continued unrest ahead of the November election raise the risk that the pace of recovery will not just slow, but that activity may actually tick lower.

Market Wrap

Main Pairs Movement

US Durable Goods Orders were up a measly 0.4% in August, missing expectations of 1.0%, although Nondefense Capital Goods Orders Ex Aircraft jumped 1.8%. Equities bounce from lows, but the dollar maintains its strength. Subsequently, the EURUSD is challenging the weekly lows.

GBPUSD approaches its weekly low at 1.2674 as demand for the American currency extends into the final trading session of the week. Hopes for a UK trade deal with the EU doing little for Sterling.

DXY hits fresh two-month highs even as US yields decline. USDJPY about to end the week on a positive note, rebounding sharply from six-month lows.

It has been a mixed Friday for WTI as the price is moving sideways heading into the weekend. All of the excitement was last week when the OPEC+ JMMC decided to keep output levels at their current rate until December.

COVID-19 Data (EOD):

Technical Analysis:

XAUUSD (H4)

It has been a rough week for the gold as the yellow metal has fallen more than 4.36% since Monday. On Friday, gold begins to consolidate around the 1863 area. Currently we can see that the bulls of gold have failed to penetrate the 1876 level a few times while the bears were also unable to break below the 1849 threshold, suggesting that the gold’s consolidation may take place between the 1849 and 1876 interval for the near term. Looking ahead, with the RSI slowly climbing back from the oversold 30 region, we expect some of the buying power to provide support to the bulls; nonetheless, if the gold were to go back of its 1900 level, a substantial break through at 1876 is necessary.

Resistance: 1876, 1900

Support: 1849, 1813

USDCAD(H4)

The Loonie trades higher above 1.3380 and touches the1.3421 on Friday. Mainly supported by good U.S. economic data that was released earlier in the day, which includes an increase of 0.4% in American Durable Good Orders in August, the continued growing DXY (at the time of writing sits at 94.60, a gain of 29%), and the uninspiring crude oil’s performance (pulling back from $40.60 to $39.90 on Friday), the Loonie resumed its bullish momentum that took place two days ago. However, a strong resistance 1.3421 seems to be a price level that will not be break easily. At the same time, with the short-term moving average 15 continues to overpower moving average 60, a slightly bullish trend is a price action that can be expected.

Resistance: 1.3421, 1.3459

Support: 1.3344, 1.3264, 1.3145

AUDUSD (H4)

The AUDUSD came under renewed bearish pressure during the American session and plummeted to its lowest level in over two months. The Aussie is now trading around 0.7029, a 0.19% shrink from previous day. Moreover, the Aussie is losing around 3.75% on a weekly basis, the biggest percentage decline since early March. The increased DXY weighed down on the already declining AUD, but with the Aussie approaching the oversold area on RSI, we can expect a upward correction might take place soon.

Resistance: 0.7070, 0.7149

Support: 0.7014, 0.6971, 0.6923

Dear Client,

Warmly remind you that the component stocks in the stock index spot generate dividends. When dividends are distributed, VT Markets will make dividends and deductions for the customers who hold the trading products after the close of the day before the ex-dividend date. After the adjustment, it will be reflected in the swap along with the swap cost of the product you hold.

Please note the specific adjustments as follows:

If you have any questions, our team will be happy to answer your questions.Please mail to [email protected] or contact the service online.

Daily Market Analysis

Market Focus

Stocks whipsawed as investors weighed the chances of a compromise on a new stimulus package amid concern over an uptick in global coronavirus cases.

The S&P 500 pared most of its earlier rally after optimism faded that Congress would reach a spending deal with the White House. Stocks surged midday on news that Treasury Secretary Steven Mnuchin and the Democratic House leader were open to fresh talks. But a report that Speaker Nancy Pelosi’s fresh overture deviated only slightly from previous offers sparked concern that the two sides would remain far apart.

House Democrats have started drafting a stimulus proposal of roughly $2.4 trillion, according to multiple House Democratic officials. While smaller than the $3.4 trillion package the House passed in May, the new proposal remains much larger than what Senate Republicans have said they could accept. President Donald Trump has indicated he’d be willing to go as high as $1.5 trillion.

According to data, tracks economic activity show a slowdown in the recovery from the height of the lockdowns, with Americans again cutting back on flights and going out to eat less often. As Europe reemerged as a hot spot for Covid-19, the U.K. reported the highest number of new cases in a single day since the start of the pandemic, while France’s new infections jumped to a record.

Market Wrap

Main Pairs Movement

Greenback halts a four-day winning streak Thursday then turned earlier broader gains into a mixed performance as stocks rallied after the London bond market close. U.S. data on Thursday showed sales of new homes in the U.S. unexpectedly advanced in Aug. to the highest level in almost 14 years. On the other hands, dismal data of initial jobless claims was softer than anticipated that get 870k figure this week.

Euro dollar is hovering +0.1% as halted a four-day losing streak after trading to a two-month low at 1.1627 after German released German Ifo Business Climate index record 93.4 in September which miss expectation but creep up against last month.

Aussie has been worst hit for the fifth consecutive days, bout of dollar strength and currently dip into a two-week low around 0.704 area.

COVID-19 Data (EOD):

Technical Analysis:

XAUUSD (H4)

In the 4 hour chart, gold has closed at 1867.98 as writing halt multi day losses. It  totally regained after market slipped in morning session as shares market unstable once slipped to 2 months lows, around the 1850 region. Fed’s official reiterated for more fiscal support was likely to be necessry at interview. In other words, official is warning another outbreak or even severe on Cov-19 lead market wager on inflation will miss Fed anticipated in earlier meeting that give a chance for gold.

However, we still believe it just a trim for short term. Gold market will struggle between a range in 1908.03 and 1846.23 and following a modest downward momentum in line with bullish greenback.

Resistance: 1880.66, 1908.03

Support: 1846.23, 1813.95

GBPUSD (H4)

Sterling posted a modest intraday advance, reaching a daily high of 1.2780. UK Finance Minister Rishi Sunak unveiled an emergency jobs scheme, which will result in the government and firms top up wages of workers whose jobs were affected by the pandemic. The new Job Support Scheme will cover three-quarters of normal salaries for six months starting next November. The Sterling was also supported by the September CBI Distributive Trades Survey on realized sales, which unexpectedly jumped to 11% from -6% and against the -10% expected. This Friday, the BOE will publish the Q3 Quarterly Bulletin.

For RSI index, it slightly beefs up to neutral area but so far suggesting a modest correction in tightly range as our critical resistance and support. Other than this, both MA indicator start getting smooth at this stage notwithstanding remained upwind at this stage.

Resistance: 1.2775, 1.2847, 1.300

Support: 1.2717

EURUSD (H4)

The EUR/USD is ending Thursday with modest gains around and hover 1.1670 as writing, although it posted a lower low for the week at 1.1626. Demand for the greenback prevailed throughout the first half of the day amid ruling risk aversion in daily risk aversion sentiment. However, dismal US data and equities bouncing off daily lows, put some pressure on the dollar in the last trading session of the day. Other than this, market is ahead of Aug. U.S. durable Goods Orders, it expect modest extension along with last month.

According to RSI aspect, it pulls back from nearly over sought area to almost 40, but barricade by 60-MA at the moment.

Resistance: 1.1718, 1.1766

Support: 1.1635, 1.1558

Economic Data

Dear Client,

As part of our commitment to providing the best reliability and service to our customers, we are planning an upgrade in our server on Sep 26th – 27th, 2020.

As a result, we will be conduct maintenance according to the schedule below.
Start date and time: 2020-09-26 01:30 GMT+3(Server time)
End date and time: 2020-09-27 06:00 GMT+3(Server time)

The impact can only make customers be unable to log in to the MT4 software temporarily, and that won’t affect any order which has been opened.

No action is required by our customers. Your services will come back online at the end of the maintenance.

Thank you for your patience and understanding with regard to this important initiative.

If you have any questions, our team will be happy to answer your questions.Please mail to [email protected] or contact the service online.

 Daily Position Report

Market Focus

Stock market slumped to an eight-week low amid warnings from Federal Reserve officials on the need for more stimulus to lift the world’s largest economy from a coronavirus-induced recession.

The S&P500 closed near the threshold that many investors consider to be a market correction, while the Nasdaq 100 tumbled more than 3%, led by mega tech company.  Fed chairman reiterated there’s along way to go for the economic rebound, which will likely require more support. The need for further aid was also stressed by other officials.

The warnings come days after congress all but ended its pursuit of a bipartisan spending bill to focus on replacing justice on the supreme court. It’s another blow to investors who are also watching virus cases tick higher in the U.S. amid a resurgence in infections around the world. At the stage, market players seem growing cautious about the strength of the economic recovery, with the chances for congressional stimulus withering ahead of a contentious election battle.

Market Wrap

Main Pairs Movement

Greenback rose to a seven-week high as short positions continued to be unwound against G-10 currencies while emerging-market counterparts remained under pressure. DXY index close above 94.37. The dollar gained as bouts of speculative greenback demand triggered stop loss activity while risk reversals in the dollar index rose in favor of greenback calls.

Meanwhile, Aussie falls as much as 1.4% to lowest since Jul. 24 at .6915 as writing which seems a critical support level as market. On the other hands, kiwi slips as much as 1.5% to it lowest since Aug. 25 at 0.6548 as writing.

Loonie consecutive hovered in recent which is rapidly rebound from earlier this month’s lowest at 1.32 to intraday high at 1.3388. Meanwhile, oil market successive unstable that retreated from intraday highest level at 40.76 to 39.51 around the market close.

COVID-19 Data (EOD):

Technical Analysis:

XAUUSD (H4)

In the gold 4 hour chart, we see gold extends slide to fresh monthly lows at 1863 while market close. Moreover, it is obviously that gold has already breakthrough pennant pattern and toward to sell off sentiment. For RSI index perspective, it drawdown to 23 , suggesting the over sought condition at the moment. However, we believed it probably slow down the slope of upwind, but it highly chance to successive tamp down.

Resistance: 1880.66, 1908.03

Support: 1846.23, 1813.95

GBPUSD (H4)

Cable remained under pressure, ending the day little changed in the 1.2710 price zone as significant support by our print at the chart. The pair advanced during European trading hours, on the back of Brexit-related headlines, as EU’s chief negotiator Michel Barnier said that the EU is determined to get a trade deal with the UK but will be firm. He added that the transition period ends on 31 December and that it cannot be extended. Markit published the preliminary estimate of the UK Manufacturing PMI, which came as expected at 54.3. The services index, however, missed expectations with 55.1. Both figures resulted below the final August readings, signaling a fading economic recovery, by the time the government announced new coronavirus restrictive measures.

This Thursday, the kingdom will publish the CBI Distributive Trades Survey on realized sales, foreseen at -10% from -6% in the previous month.

Resistance: 1.2775, 1.2847, 1.300

Support: 1.2717

EURUSD (H4)

The euro dollar fell to 1.1650, a fresh two-month low as Data released this Wednesday was mixed but showed that economic growth remains sluggish. The preliminary estimates of the Markit PMIs showed that services output in the Union fell into contraction territory, with the EU index printing at   47.6 from 50.5 in August. Manufacturing activity was mixed across the Union, although the index improved from 51.7 to 53.7.

Moreover, euro dollar slipped below yellow uptrend and both MA indicator shows downward as well. For RSI index aspect, it settle around 29.9, suggesting over sought already.

Resistance: 0.7227, 0.7266

Support: 0.7155, 0.7136, 0.7092

Economic Data