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Technical analysis 15APR2020

2020-4-15

 

EUR/USD Intraday:

Bullish

Pivot: 1.0955

Resistance level 1: 1.1011     Resistance level 2: 1.1042     Resistance level 3: 1.1098

Support level 1:     1.0923            Support level 2:     1.0867             Support level 3: 1.0836

Comment: The pair was trading bullish for the day as it almost went on to test the second resistance of 1.0998. For future trading references, if a bullish trend emerges then the resistance of 1.1011 could be broken and push the price up to 1.1042. However, if the downward trend continues then the support of 1.0923 may falter, which could pull the price lower to 1.0867.

  USD/JPY Intraday:

Bearish

Pivot:  107.31

Resistance level 1: 107.65     Resistance level 2: 108.10     Resistance level 3: 108.44

Support level 1: 106.87                   Support level 2: 106.53                   Support level 3: 106.08

Comment: The pair continues its bearish trend as it tested second support level of 106.9. If a bullish trend returns, then it might climb to the first resistance of 107.65 and extend further to 107.65. However, if the bears take over again then the pair could fall to 106.87 and possible to break the second support level of 106.53.

GBP/USD Intraday:

Bullish

Pivot: 1.2586

Resistance level 1: 1.2680     Resistance level 2: 1.2741     Resistance level 3: 1.2835

Support level 1: 1.2526                   Support level 2:     1.2532            Support level 3: 1.2371

Comment: The pair continues its bullish trend and closed around the third resistnace level of 1.2626. If the bearish momentum returns, the pair may head lower to 1.2526 and then test the second support of 1.2532. Alternatively, if a bullish trend is formed the pair could rebound to 1.2680 level and head higher to 1.2741.

AUD/USD Intraday:

Bullish

Pivot: 0.6420

Resistance level 1: 0.6466     Resistance level 2: 0.6490     Resistance level 3: 0.6536

Support level 1:     0.6396            Support level 2:     0.6350            Support level 3: 0.6325

Comment: The bullish trend is still in force with the pair closing around the first and second resistance level. If the bearish momentum can resurface, then the first support level of 0.6396 might not hold and causing the pair to fall further to 0.6350. Conversely, the bulls may proceed and break the resistance level of 0.6466 and proceed higher to 0.6490.

NZD/USD Intraday:

Neutral

Pivot: 0.6100

Resistance level 1: 0.6135     Resistance level 2: 0.6165     Resistance level 3: 0.6201

Support level 1:     0.6070            Support level 2:     0.6035            Support level 3: 0.6004

Comment: The pair stayed neutral as it traded around the daily pivot. For an upward trend to return, the price needs to push higher to 0.6135, which can result in the second resistance level of 0.6165 being broken. Alternatively, if the bears gain momentum, the support level of 0.6070 may be tested which may pull the prices lower towards 0.6035.

USD/CHF Intraday:

Bearish

Pivot: 0.9624

Resistance level 1: 0.9652     Resistance level 2: 0.9706  Resistance level 3: 0.9734

Support level 1: 0.9570                   Support level 2:     0.9542            Support level 3: 0.9488

Comment: The pair traded bearish for the day as it tested the second support level of 0.9603. For a bullish trend to emerge, the price level of 0.9652 needs to be broken, which could allow the pair to push higher to 0.9706 If the bears pull the pair lower to the support of 0.9570 then it may extend losses to 0.9542.

USD/CAD Intraday:

Neutral

Pivot: 1.3889

Resistance level 1: 1.3917     Resistance level 2: 1.3952     Resistance level 3: 1.3979

Support level 1:     1.3855            Support level 2:     1.3827            Support level 3: 1.3792

Comment: The pair is trading neutral and it stayed at or below the daily pivot throughout the day without testing any support. For future trading references, if the pair retreats towards the support level of 1.3855 then we may see the pair plummets toward 1.3827 region. For the bullish trend to emerge, the resistance of 1.3917 must be broken which can take the pair higher to 1.3952.

  DOW JONES INDEX

Bullish

Pivot: 23691

Resistance level 1:24135       Resistance level 2:24357     Resistance level 3:24800    

Support level 1:23469           Support level 2:23025                 Support level 3:22803

Comment: The bulls broke the neutral trend during Tuesday’s trading session taking the index through the first resistance level of 23821. For future trading reference, if the bullish momentum continues the index could break the first resistance level of 24135 and push higher to 24357. Alternatively, the Dow falls through the first support level of 23469, then the second support level of 23025 could be tested.

Gold Spot Intraday

Bullish

Pivot: 1727.3

Resistance level 1: 1745.8     Resistance level 2: 1765.9     Resistance level 3: 1784.4

Support level 1: 1707.1                   Support level 2: 1688.6                   Support level 3: 1668.5

Comment: The bulls continued to dominate Tuesday’s trading session taking the pair through the first resistance level of 1730.7 and testing the second resistance level of 1751.0. If the bullish trend continues then the precious metal could break the first resistance level of 1745.8 and rise towards 1765.9. However, if gold falls through the first support of 1707.1, then the second support of 1688.6 may be broken.

  Crude Oil Intraday

Bearish

Pivot: 27.65

Resistance level 1: 28.75       Resistance level 2: 30.36       Resistance level 3: 31.46

Support level 1:     26.05               Support level 2: 24.94          Support level 3: 23.34

Comment: The bearish trend resurfaced on Tuesday as crude oil fell through the first support level of 27.11. If the bears continue, then oil may drop through the 26.05 level and test the second support of 24.94. On the other hand, if the trend reverses and the first resistance level of 28.75 is broken, then crude oil may push higher to 30.36.

 

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