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Technical analysis 17APR2020



EUR/USD Intraday:


Pivot: 1.0855

Resistance level 1: 1.0894     Resistance level 2: 1.0950     Resistance level 3: 1.0989

Support level 1:     1.0799            Support level 2:     1.0761             Support level 3: 1.0705

Comment: The pair closed slightly below the first support level of 1.0846. For future trading references, if a bullish trend emerges then the resistance of 1.0894 could be broken and push the price up to 1.0950. However, if the downward trend continues then the support of 1.0799 may falter, which could pull the price lower to 1.0761.

  USD/JPY Intraday:


Pivot:  107.72

Resistance level 1: 108.27     Resistance level 2: 108.64     Resistance level 3: 109.19

Support level 1: 107.35                   Support level 2: 106.80                   Support level 3: 106.43

Comment: The pair tested the first resistance and it has a hard time overcoming the moving average for the past few days. If a bullish trend returns, then it might climb to the first resistance of 108.27 and extend further to 108.64. However, if the bears take over again then the pair could fall to 107.35 and possible to break the second support level of 106.80.

GBP/USD Intraday:


Pivot: 1.2463

Resistance level 1: 1.2519     Resistance level 2: 1.2583     Resistance level 3: 1.2638

Support level 1: 1.2400                   Support level 2:     1.2344            Support level 3: 1.2281

Comment: The pair is starting to lean bearish but was still unable to break any support. If the bearish momentum returns, the pair may head lower to 1.2400 and then test the second support of 1.2344. Alternatively, if a bullish trend is formed the pair could rebound to 1.2519 level and head higher to 1.2344.

AUD/USD Intraday:


Pivot: 0.6308

Resistance level 1: 0.6352     Resistance level 2: 0.6378     Resistance level 3: 0.6422

Support level 1:     0.6283            Support level 2:     0.6238            Support level 3: 0.6213

Comment: The bears slowed down today after breaking all three supports yesterday. If the bearish momentum can resurface, then the first support level of 0.6283 might not hold and causing the pair to fall further to 0.6378. Conversely, the bulls may proceed and break the resistance level of 0.6283 and proceed higher to 0.6238.

NZD/USD Intraday:


Pivot: 0.5961

Resistance level 1: 0.6001     Resistance level 2: 0.6039     Resistance level 3: 0.6079

Support level 1:     0.5923            Support level 2:     0.5883            Support level 3: 0.5845

Comment: The pair tested the first support level before closing. This was followed by a strong run yesterday where all three supports were broken. For an upward trend to return, the price needs to push higher to 0.6001, which can result in the second resistance level of 0.6039 being broken. Alternatively, if the bears gain momentum, the support level of 0.5923 may be tested which may pull the prices lower towards 0.5883.

USD/CHF Intraday:


Pivot: 0.9687

Resistance level 1: 0.9730     Resistance level 2: 0.9758  Resistance level 3: 0.9801

Support level 1: 0.9659                   Support level 2:     0.9616            Support level 3: 0.9588

Comment: The pair closed at the first resistance level of 0.9699 which was around yesterday’s high. For a bullish trend to emerge, the price level of 0.9730 needs to be broken, which could allow the pair to push higher to 0.9758 If the bears pull the pair lower to the support of 0.9659 then it may extend losses to 0.9616.

USD/CAD Intraday:


Pivot: 1.4108

Resistance level 1: 1.4154     Resistance level 2: 1.4228     Resistance level 3: 1.4274

Support level 1:     1.4035            Support level 2:     1.3989            Support level 3: 1.3916

Comment: The pair had big swings but ended up closing sideways. For future trading references, if the pair retreats towards the support level of 1.4035 then we may see the pair plummet toward 1.3989 region. For the bullish trend to emerge, the resistance of 1.4154 must be broken which can take the pair higher to 1.4228.



Pivot: 23535

Resistance level 1:23991       Resistance level 2:24221     Resistance level 3:24678      

Support level 1:23305           Support level 2:22848                 Support level 3:22615

Comment: After exhibiting a bearish trend through the Asia trading session, the index reversed the trend and took towards the daily pivot of 23464 during the US trading session. For future trading reference, if the bullish momentum returns the index could break the first resistance level of 23991 and push higher to 24221 Alternatively, the Dow falls through the first support level of 23305, then the second support level of 22848 could be tested.

Gold Spot Intraday


Pivot: 1720.7

Resistance level 1: 1733.4     Resistance level 2: 1751.4     Resistance level 3: 1764.0

Support level 1: 1702.7                   Support level 2: 1689.9                   Support level 3: 1671.9

Comment: Gold experienced a volatile trading session during Thursday, testing the second resistance level of 1740.9 during the European trading session, before falling towards the first support level of 1703.8. If the bullish trend returns, then the precious metal could break the first resistance level of 1733.4 and rise towards 1751.4. However, if gold falls through the first support of 1702.7, then the second support of 1689.9 may be broken.

  Crude Oil Intraday


Pivot: 25.89

Resistance level 1: 27.00       Resistance level 2: 28.08       Resistance level 3: 29.19

Support level 1:     24.81               Support level 2: 23.70          Support level 3: 22.62

Comment: The bearish trend continued in the earlier trading sessions on Thursday, falling through the first support during the European trading session before rallying towards the daily pivot of 26.39. If the bears resurface, then oil may drop through the 24.81 level and test the second support of 23.70. On the other hand, if the trend reverses and the first resistance level of 27.00 is broken, then crude oil may push higher to 28.08.