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Technical analysis 20APR2020

2020-4-20

 

EUR/USD Intraday:

Neutral

Pivot: 1.0859

Resistance level 1: 1.0907     Resistance level 2: 1.0939     Resistance level 3: 1.0987

Support level 1:     1.0826            Support level 2:     1.0779             Support level 3: 1.0747

Comment: The bearish momentum subsided during Friday’s trading session with EURUSD closing near the daily pivot of 1.0855. For future trading references, if a bullish trend emerges then the resistance of 1.0907 could be broken and push the price up to 1.0939. However, if the downward trend returns then the support of 1.0826 may falter, which could pull the price lower to 1.0779.

  USD/JPY Intraday:

Neutral

Pivot:  107.64

Resistance level 1: 107.99     Resistance level 2: 108.42     Resistance level 3: 108.77

Support level 1: 107.20                   Support level 2: 106.86                   Support level 3: 106.42

Comment: The pair continues to exhibit a neutral trend closing below the daily pivot of 107.72. If a bullish trend returns, then it might climb to the first resistance of 107.99 and extend further to 108.42. However, if the bears take over again then the pair could fall to 107.20 and possible to break the second support level of 106.86.

GBP/USD Intraday:

Neutral

Pivot: 1.2478

Resistance level 1: 1.2550     Resistance level 2: 1.2594     Resistance level 3: 1.2666

Support level 1: 1.2435                   Support level 2:     1.2363            Support level 3: 1.2319

Comment: The pair is beginning to exhibit a neutral trend after testing the first resisance level of 1.2519. If a bearish momentum returns, the pair may head lower to 1.2435 and then test the second support of 1.2363. Alternatively, if a bullish trend is formed the pair could rebound to 1.2550 level and head higher to 1.2594.

AUD/USD Intraday:

Bullish

Pivot: 0.6353

Resistance level 1: 0.6393     Resistance level 2: 0.6423     Resistance level 3: 0.6462

Support level 1:     0.6323            Support level 2:     0.6284            Support level 3: 0.6254

Comment: The bearish trend reversed during Friday’s trading session as AUDUSD managed to close above the first resistance level of 0.6352. If the bearish momentum can resurface, then the first support level of 0.6323 might not hold and causing the pair to fall further to 0.6284. Conversely, the bulls may proceed and break the resistance level of 0.6393 and proceed higher to 0.6423.

NZD/USD Intraday:

Bullish

Pivot: 0.6015

Resistance level 1: 0.6069     Resistance level 2: 0.6105     Resistance level 3: 0.6159

Support level 1:     0.5979            Support level 2:     0.5925            Support level 3: 0.5889

Comment: The pair surged through the first two resistance level during the European trading session. For an upward trend to continue, the price needs to push higher to 0.6069, which can result in the second resistance level of 0.6105 being broken. Alternatively, if the bears gain momentum, the support level of 0.5979 may be tested which may pull the prices lower towards 0.5925.

USD/CHF Intraday:

Neutral

Pivot: 0.9683

Resistance level 1: 0.9710     Resistance level 2: 0.9751  Resistance level 3: 0.9778

Support level 1: 0.9643                   Support level 2:     0.9615            Support level 3: 0.9575

Comment: The pair struggled to find direction during Fridays trading session, testing the first resistance level of 0.9730 during the European trading session, before falling towards the daily pivot of 0.9687. For a bullish trend to emerge, the price level of 0.9710 needs to be broken, which could allow the pair to push higher to 0.9751 If the bears pull the pair lower to the support of 0.9643 then it may extend losses to 0.9615.

USD/CAD Intraday:

Bearish

Pivot: 1.4044

Resistance level 1: 1.4083     Resistance level 2: 1.4156     Resistance level 3: 1.4196

Support level 1:     1.3970            Support level 2:     1.3931            Support level 3: 1.3858

Comment: The pair began exhibiting a bearish trend during the European trading session and managed to close below the first support of 1.4035. For future trading references, if the pair retreats towards the support level of 1.3970 then we may see the pair plummet toward 1.3931 region. For the bullish trend to emerge, the resistance of 1.4083 must be broken which can take the pair higher to 1.4156.

  DOW JONES INDEX

Neutral

Pivot: 24056

Resistance level 1:24412       Resistance level 2:24678     Resistance level 3:25034      

Support level 1:23790           Support level 2:23434                 Support level 3:23168

Comment: The Dow was initially exhibiting a bearish trend before surging through the first resistance level of 23911 during the US trading session. For future trading reference, if the bullish momentum returns the index could break the first resistance level of 24412 and push higher to 24678 Alternatively, the Dow falls through the first support level of 23790, then the second support level of 23434 could be tested.

Gold Spot Intraday

Bearish

Pivot: 1693.4

Resistance level 1: 1706.9     Resistance level 2: 1732.1     Resistance level 3: 1745.7

Support level 1: 1668.3                   Support level 2: 1654.7                   Support level 3: 1629.6

Comment: Gold began displaying a bearish trend during the European trading session eventually closing below the second support level of 1689.9. If the bullish trend returns, then the precious metal could break the first resistance level of 1706.9 and rise towards 1732.1. However, if gold falls through the first support of 1768.2, then the second support of 1654.7 may be broken.

  Crude Oil Intraday

Bearish

Pivot: 25.65

Resistance level 1: 26.10       Resistance level 2: 27.92       Resistance level 3: 28.87

Support level 1:     24.35               Support level 2: 23.39          Support level 3: 22.09

Comment: The bearish trend returned as crude oil broke the first support level of 24.81 during the US trading session. If the bears continue, then oil may drop through the 24.35 level and test the second support of 23.93. On the other hand, if the trend reverses and the first resistance level of 26.10 is broken, then crude oil may push higher to 27.92.

 

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