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Technical analysis 21APR2020

2020-4-21

 

EUR/USD Intraday:

Neutral

Pivot: 1.0866

Resistance level 1: 1.0891     Resistance level 2: 1.0921     Resistance level 3: 1.0946

Support level 1:     1.0835            Support level 2:     1.0810             Support level 3: 1.0780

Comment: The pair traded neutral and closed near the daily pivot region of 1.0859. For future trading references, if a bullish trend emerges then the resistance of 1.0891 could be broken and push the price up to 1.0921. However, if the downward trend returns then the support of 1.0835 may falter, which could pull the price lower to 1.0810.

USD/JPY Intraday:

Neutral

Pivot:  107.66

Resistance level 1: 107.89     Resistance level 2: 108.17     Resistance level 3: 108.39

Support level 1: 107.38                   Support level 2: 107.16                   Support level 3: 106.88

Comment: The pair continues to exhibit a neutral trend and traded between Friday’s range. If a bullish trend returns, then it might climb to the first resistance of 107.89 and extend further to 108.17. However, if the bears take over again then the pair could fall to 107.38 and possible to break the second support level of 107.16.

GBP/USD Intraday:

Neutral

Pivot: 1.2449

Resistance level 1: 1.2481     Resistance level 2: 1.2532     Resistance level 3: 1.2564

Support level 1: 1.2399                   Support level 2:     1.2366            Support level 3: 1.2316

Comment: The pair is neutral for the past three trading days with little price action. If a bearish momentum returns, the pair may head lower to 1.2399 and then test the second support of 1.2366. Alternatively, if a bullish trend is formed the pair could rebound to 1.2481 level and head higher to 1.2532.

AUD/USD Intraday:

Neutral

Pivot: 0.6355

Resistance level 1: 0.3677     Resistance level 2: 0.6419     Resistance level 3: 0.6442

Support level 1:     0.6313            Support level 2:     0.6290            Support level 3: 0.6248

Comment: The pair stayed neutral while closing below the first resistance level. If the bearish momentum can resurface, then the first support level of 0.6313 might not hold and causing the pair to fall further to 0.6290. Conversely, the bulls may proceed and break the resistance level of 0.6313 and proceed higher to 0.6290.

NZD/USD Intraday:

Neutral

Pivot: 0.6044

Resistance level 1: 0.6080     Resistance level 2: 0.6127     Resistance level 3: 0.6163

Support level 1:     0.5997            Support level 2:     0.5961            Support level 3: 0.5914

Comment: The bullish trend halted and the pair closed neutral after the bulls got rejected and sent back to below the first resistance level. For an upward trend to continue, the price needs to push higher to 0.6080, which can result in the second resistance level of 0.6127 being broken. Alternatively, if the bears gain momentum, the support level of 0.5997 may be tested which may pull the prices lower towards 0.5961.

USD/CHF Intraday:

Neutral

Pivot: 0.9678

Resistance level 1: 0.9700     Resistance level 2: 0.9722  Resistance level 3: 0.9745

Support level 1: 0.9655                   Support level 2:     0.9633            Support level 3: 0.9611

Comment: The pair struggled to find direction once more and stayed at the 50-Day Moving average. For a bullish trend to emerge, the price level of 0.9700 needs to be broken, which could allow the pair to push higher to 0.9722 If the bears pull the pair lower to the support of 0.9655 then it may extend losses to 0.9633.

USD/CAD Intraday:

Neutral

Pivot: 1.4104

Resistance level 1: 1.4195     Resistance level 2: 1.4242     Resistance level 3: 1.4332

Support level 1:     1.4057            Support level 2:     1.3966            Support level 3: 1.3915

Comment: The bulls reversed losses of the past 2 trading days and closed shy of testing the first resistance. For future trading references, if the pair retreats towards the support level of 1.4104 then we may see the pair plummet toward 1.3966 region. For the bullish trend to emerge, the resistance of 1.4195 must be broken which can take the pair higher to 1.4242.

  DOW JONES INDEX

Bearish

Pivot: 23718

Resistance level 1:23996       Resistance level 2:24478     Resistance level 3:24756      

Support level 1:23236           Support level 2:22958                 Support level 3:22476

Comment: The Dow Jones began exhibiting a bearish trend falling through the first support level during the US trading session and testing the second support level of 23434. For future trading reference, if the bullish momentum returns the index could break the first resistance level of 23996 and push higher to 24478. Alternatively, the Dow falls through the first support level of 23236, then the second support level of 22958 could be tested.

Gold Spot Intraday

Neutral

Pivot: 1689.4

Resistance level 1: 1707.2     Resistance level 2: 1720.1     Resistance level 3: 1737.8

Support level 1: 1676.5                   Support level 2: 1658.7                   Support level 3: 1645.9

Comment: The bearish momentum was subdued during Monday’s trading session and gold ended the day around the daily pivot of 1693.4. If the bullish trend returns, then the precious metal could break the first resistance level of 1707.2 and rise towards 1720.1. However, if gold falls through the first support of 1676.5, then the second support of 1658.7 may be broken.

  Crude Oil Intraday

Bearish

Pivot: 22.58

Resistance level 1: 24.46       Resistance level 2: 27.19       Resistance level 3: 29.07

Support level 1:     19.85               Support level 2: 17.97          Support level 3: 15.24

Comment: The bearish trend dominated Monday’s trading session, as crude oil plummeted through the third support level of 22.09 during the US trading session. If the bears continue, then oil may drop through the 19.85 level and test the second support of 17.97. On the other hand, if the trend reverses and the first resistance level of 24.46 is broken, then crude oil may push higher to 27.19.

 

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