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Technical analysis 14APR2020

2020-4-14

 

EUR/USD Intraday:

Bearish

Pivot: 1.0923

Resistance level 1: 1.0950     Resistance level 2: 1.0998     Resistance level 3: 1.1029

Support level 1:     1.0878            Support level 2:     1.0848             Support level 3: 1.0803

Comment: The pair tested second support and resistance before closing around the second support region. For future trading references, if a bullish trend emerges then the resistance of 1.0950 could be broken and push the price up to 1.0998. However, if the downward trend continues then the support of 1.0878 may falter, which could pull the price lower to 1.0848.

  USD/JPY Intraday:

Bearish

Pivot:  107.92

Resistance level 1: 108.35     Resistance level 2: 108.95     Resistance level 3: 109.38

Support level 1: 107.33                   Support level 2: 106.90                   Support level 3: 106.30

Comment: The pair exhibit a bearish trend closing breaking all three supports and more. If a bullish trend returns, then it might climb to the first resistance of 107.92 and extend further to 108.95. However, if the bears take over again then the pair could fall to 107.33 and possible to break the second support level of 106.90.

GBP/USD Intraday:

Bullish

Pivot: 1.2497

Resistance level 1: 1.2542     Resistance level 2: 1.2581     Resistance level 3: 1.2626

Support level 1: 1.2458                   Support level 2:     1.2414            Support level 3: 1.2374

Comment: The pair managed to break the first resistance level of 1.2503. If the bearish momentum returns, the pair may head lower to 1.2458 and then test the second support of 1.2414. Alternatively, if a bullish trend is formed the pair could rebound to 1.2542 level and head higher to 1.2581.

AUD/USD Intraday:

Bullish

Pivot: 0.6371

Resistance level 1: 0.6417     Resistance level 2: 0.6455     Resistance level 3: 0.6501

Support level 1:     0.6334            Support level 2:     0.6288            Support level 3: 0.6251

Comment: The bullish momentum strengthened on Monday with the pair closing around the second resistance. If the bearish momentum can resurface, then the first support level of 0.6334 might not hold and causing the pair to fall further to 0.6288. Conversely, the bulls may proceed and break the resistance level of 0.6417 and proceed higher to 0.6455.

NZD/USD Intraday:

Neutral

Pivot: 0.6084

Resistance level 1: 0.6109     Resistance level 2: 0.6136     Resistance level 3: 0.6161

Support level 1:     0.6057            Support level 2:     0.6032            Support level 3: 0.6005

Comment: The pair is neutral as it traded between the daily pivot and first support throughout the day. For an upward trend to return, the price needs to push higher to 0.6109, which can result in the second resistance level of 0.6136 being broken. Alternatively, if the bears gain momentum, the support level of 0.6057 may be tested which may pull the prices lower towards 0.6032.

USD/CHF Intraday:

Neutral

Pivot: 0.9660

Resistance level 1: 0.9691     Resistance level 2: 0.9717  Resistance level 3: 0.9748

Support level 1: 0.9634                   Support level 2:     0.9603            Support level 3: 0.9577

Comment: The pair traded neutral between the daily pivot and first support region. For a bullish trend to emerge, the price level of 0.9672 needs to be broken, which could allow the pair to push higher to 0.9691 If the bears pull the pair lower to the support of 0.9637 then it may extend losses to 0.9621.

USD/CAD Intraday:

Bearish

Pivot: 1.3920

Resistance level 1: 1.3984     Resistance level 2: 1.4065     Resistance level 3: 1.4129

Support level 1:     1.3838            Support level 2:     1.3774            Support level 3: 1.3693

Comment: The pair exhibit a bearish trend closing between first and second support. For future trading references, if the pair retreats towards the support level of 1.3838 then we may see the pair plummets toward 1.3774 region. For the bullish trend to emerge, the resistance of 1.3984 must be broken which can take the pair higher to 1.4065.

  DOW JONES INDEX

Neutral

Pivot: 23394

Resistance level 1:23821       Resistance level 2:24328     Resistance level 3:24755    

Support level 1:22887           Support level 2:22460                 Support level 3:21953         

Comment: The Dow Jones is beginning to exhibit a neutral trend closing near the daily pivot of 23529. For future trading reference, if the bullish momentum returns the index could break the first resistance level of 23821 and push higher to 24328. Alternatively, the Dow falls through the first support level of 22887, then the second support level of 22460 could be tested.

Gold Spot Intraday

Bullish

Pivot: 1702.4

Resistance level 1: 1730.7     Resistance level 2: 1751.0     Resistance level 3: 1779.4

Support level 1: 1682.0                   Support level 2: 1653.7                   Support level 3: 1633.4

Comment: The bullish trend resurfaced during Monday’s trading session taking gold through the second resistance level of 1718.1. If the bullish trend continues then the precious metal could break the first resistance level of 1730.7 and rise towards 1751.0. However, if gold falls through the first support of 1682.0, then the second support of 1653.7 may be broken.

Crude Oil Intraday

Neutral

Pivot: 28.41   

Resistance level 1: 29.58       Resistance level 2: 30.88       Resistance level 3: 32.05

Support level 1:     27.11               Support level 2: 25.94          Support level 3: 24.64

Comment: Crude oil is beginning to exhibit a neutral trend and was unable to test resistance or support levels on Monday. If the bears, then oil may drop through the 27.11 level and test the second support of 25.94. On the other hand, if the trend reverses and the first resistance level of 29.58 is broken, then crude oil may push higher to 30.88.

 

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