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Technical analysis 22APR2020

2020-4-22

 

EUR/USD Intraday:

Neutral

Pivot: 1.0851

Resistance level 1: 1.0886     Resistance level 2: 1.0915     Resistance level 3: 1.0950

Support level 1:     1.0822            Support level 2:     1.0787             Support level 3: 1.0758

Comment: The pair traded neutral and closed near the daily pivot region again. For future trading references, if a bullish trend emerges then the resistance of 1.0886 could be broken and push the price up to 1.0915. However, if the downward trend returns then the support of 1.0822 may falter, which could pull the price lower to 1.0787.

  USD/JPY Intraday:

Neutral

Pivot:  107.64

Resistance level 1: 108.00     Resistance level 2: 108.25     Resistance level 3: 108.61

Support level 1: 107.39                   Support level 2: 107.03                   Support level 3: 106.78

Comment: The pair continues to exhibit a neutral trend and traded between last two trading day’s range. If a bullish trend returns, then it might climb to the first resistance of 108.00 and extend further to 108.25. However, if the bears take over again then the pair could fall to 107.39 and possible to break the second support level of 107.03.

GBP/USD Intraday:

Bearish

Pivot: 1.2326

Resistance level 1: 1.2406     Resistance level 2: 1.2528     Resistance level 3: 1.2607

Support level 1: 1.2205                   Support level 2:     1.2125            Support level 3: 1.2004

Comment: The bears took control as the pair closed at the third support level of 1.2316. If a bearish momentum returns, the pair may head lower to 1.2205 and then test the second support of 1.2125. Alternatively, if a bullish trend is formed the pair could rebound to 1.2406 level and head higher to 1.2528.

AUD/USD Intraday:

Bearish

Pivot: 0.6293

Resistance level 1: 0.6333     Resistance level 2: 0.6386     Resistance level 3: 0.6426

Support level 1:     0.6239            Support level 2:     0.6199            Support level 3: 0.6146

Comment: The bears lost momentum once they reached the third support level but overall, the pair is still bearish as it closed around the second support level of 0.6419. If the bearish momentum can resurface, then the first support level of 0.6239 might not hold and causing the pair to fall further to 0.6199. Conversely, the bulls may proceed and break the resistance level of 0.6333 and proceed higher to 0.6386.

NZD/USD Intraday:

Bearish

Pivot: 0.5977

Resistance level 1: 0.6020     Resistance level 2: 0.6088     Resistance level 3: 0.6131

Support level 1:     0.5909            Support level 2:     0.5866            Support level 3: 0.5798

Comment: The pair closed between the first and second support region and traded bearish for the day. For an upward trend to continue, the price needs to push higher to 0.6020, which can result in the second resistance level of 0.6088 being broken. Alternatively, if the bears gain momentum, the support level of 0.5909 may be tested which may pull the prices lower towards 0.5866.

USD/CHF Intraday:

Neutral

Pivot: 0.9696

Resistance level 1: 0.9723     Resistance level 2: 0.9754  Resistance level 3: 0.9780

Support level 1: 0.9665                   Support level 2:     0.9639            Support level 3: 0.9608

Comment: The attempted a bullish breakout but got rejected at the second resistance level and closed below the first resistance level of 0.9700. For a bullish trend to emerge, the price level of 0.9723 needs to be broken, which could allow the pair to push higher to 0.9754 If the bears pull the pair lower to the support of 0.9665 then it may extend losses to 0.9639.

USD/CAD Intraday:

Neutral

Pivot: 1.4195

Resistance level 1: 1.4278     Resistance level 2: 1.4347     Resistance level 3: 1.4429

Support level 1:     1.4127            Support level 2:     1.4044            Support level 3: 1.3975

Comment: The bulls lost some momentum at the second resistance and the pair closed at first resistance. For future trading references, if the pair retreats towards the support level of 1.4127 then we may see the pair plummet toward 1.4044 region. For the bullish trend to emerge, the resistance of 1.4278 must be broken which can take the pair higher to 1.4347.

  DOW JONES INDEX

Bearish

Pivot: 23464

Resistance level 1:23827       Resistance level 2:24324       Resistance level 3:24686

Support level 1:22968           Support level 2:22605                   Support level 3:22108

Comment: The bears continued to dominate during Tuesday’s trading session taking the Dow below the second support level. For future trading reference, if the bullish momentum returns the index could break the first resistance level of 23827 and push higher to 24324. Alternatively, the Dow falls through the first support level of 22968, then the second support level of 22605 could be tested.

Gold Spot Intraday

Neutral

Pivot: 1680.7

Resistance level 1: 1701.1     Resistance level 2: 1718.1     Resistance level 3: 1738.5

Support level 1: 1663.7                   Support level 2: 1643.4                   Support level 3: 1626.4

Comment: The precious metal experienced a volatile trading session breaking the second support level of 1658.7, before retracting towards the daily pivot of 1689.4 ending the day sideways. If the bullish trend returns, then the precious metal could break the first resistance level of 1701.1 and rise towards 1718.1. However, if gold falls through the first support of 1663.7, then the second support of 1643.4 may be broken.

  Crude Oil Intraday

Bearish

Pivot: 15.11

Resistance level 1: 22.34       Resistance level 2: 30.61       Resistance level 3:37.83

Support level 1:     6.84        Support level 2: -          Support level 3: -

Comment: The bearish trend continued to dominate as crude oil plummeted through all three support levels hitting daily lows of 7.89. If the bears continue, then oil may drop through support level of 6.84. On the other hand, if the trend reverses and the first resistance level of 22.34 is broken, then crude oil may push higher to 30.61.

 

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