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Technical analysis 23APR2020

2020-4-23

 

EUR/USD Intraday:

Bearish

Pivot: 1.0837

Resistance level 1: 1.0871     Resistance level 2: 1.0919     Resistance level 3: 1.0953

Support level 1:     1.0789            Support level 2:     1.0755             Support level 3: 1.0707

Comment: The pair traded bearish as it closed slightly below the first support level of 1.0822. For future trading references, if a bullish trend emerges then the resistance of 1.0871 could be broken and push the price up to 1.0919. However, if the downward trend returns then the support of 1.0789 may falter, which could pull the price lower to 1.0755.

  USD/JPY Intraday:

Neutral

Pivot:  107.73

Resistance level 1: 107.95     Resistance level 2: 108.15     Resistance level 3: 108.37

Support level 1: 107.52                   Support level 2: 107.31                   Support level 3: 107.10

Comment: The pair continues to exhibit a neutral trend and traded within range of past three days. If a bullish trend returns, then it might climb to the first resistance of 107.95 and extend further to 108.15. However, if the bears take over again then the pair could fall to 107.52 and possible to break the second support level of 107.31.

GBP/USD Intraday:

Neutral

Pivot: 1.2331

Resistance level 1: 1.2387     Resistance level 2: 1.2442     Resistance level 3: 1.2499

Support level 1: 1.2276                   Support level 2:     1.2219            Support level 3: 1.2164

Comment: The pair is neutral still as it tested no supports and closed around the daily pivot of 1.2326. If a bearish momentum returns, the pair may head lower to 1.2276 and then test the second support of 1.2219. Alternatively, if a bullish trend is formed the pair could rebound to 1.2276 level and head higher to 1.2442.

AUD/USD Intraday:

Neutral

Pivot: 0.6316

Resistance level 1: 0.6357     Resistance level 2: 0.6392     Resistance level 3: 0.6433

Support level 1:     0.6280            Support level 2:     0.6204            Support level 3: 0.6204

Comment: The pair closed neutral with it closing just below the first resistance level of 0.6333. If the bearish momentum can resurface, then the first support level of 0.6280 might not hold and causing the pair to fall further to 0.6392. Conversely, the bulls may proceed and break the resistance level of 0.6280 and proceed higher to 0.6204.

NZD/USD Intraday:

Neutral

Pivot: 0.5964

Resistance level 1: 0.5988     Resistance level 2: 0.6028     Resistance level 3: 0.6052

Support level 1:     0.5924            Support level 2:     0.5900            Support level 3: 0.5860

Comment: The pair traded neutral closing near the market open price. For an upward trend to continue, the price needs to push higher to 0.5988, which can result in the second resistance level of 0.6028 being broken. Alternatively, if the bears gain momentum, the support level of 0.5924 may be tested which may pull the prices lower towards 0.5900.

USD/CHF Intraday:

Neutral

Pivot: 0.9704

Resistance level 1: 0.9740     Resistance level 2: 0.9768  Resistance level 3: 0.9804

Support level 1: 0.9677                   Support level 2:     0.9641            Support level 3: 0.9614

Comment: The pair closed at the first resistance level of 0.9723 and had a hard time overcoming it. For a bullish trend to emerge, the price level of 0.9740 needs to be broken, which could allow the pair to push higher to 0.9768. If the bears pull the pair lower to the support of 0.9677 then it may extend losses to 0.9641.

USD/CAD Intraday:

Neutral

Pivot: 1.4171

Resistance level 1: 1.4226     Resistance level 2: 1.4293     Resistance level 3: 1.4349

Support level 1:     1.4104            Support level 2:     1.4048            Support level 3: 1.3982

Comment: The bulls lost momentum and the first support was tested before the pair closed around the daily pivot of 1.4195. For future trading references, if the pair retreats towards the support level of 1.4104 then we may see the pair plummet toward 1.4104 region. For the bullish trend to emerge, the resistance of 1.4226 must be broken which can take the pair higher to 1.4293.

  DOW JONES INDEX

Bearish

Pivot: 23226

Resistance level 1:23637       Resistance level 2:23910       Resistance level 3:24322

Support level 1:22953           Support level 2:22542                   Support level 3:22268

Comment: The bearish momentum was lost during Wednesdays trading session as the Dow closed flat. For future trading reference, if the bullish momentum returns the index could break the first resistance level of 23637 and push higher to 23910. Alternatively, the Dow falls through the first support level of 22953, then the second support level of 22542 could be tested.

Gold Spot Intraday

Neutral

Pivot: 1730.7

Resistance level 1: 1727.1     Resistance level 2: 1741.9     Resistance level 3: 1765.2

Support level 1: 1688.9                   Support level 2: 1665.5                   Support level 3: 1650.7

Comment: The bulls took over Wednesdays trading session taking the precious metal through the first resistance level of 1701.1. If the bullish trend continues, then the precious metal could break the first resistance level of 1727.1 and rise towards 1741.9. However, if gold falls through the first support of 1688.9, then the second support of 1665.5 may be broken.

  Crude Oil Intraday

Bearish

Pivot: 14.79

Resistance level 1: 17.82       Resistance level 2: 20.18       Resistance level 3:23.21

Support level 1:     12.43               Support level 2: 9.39            Support level 3: 7.03

Comment: The bears lost their momentum as crude oil closed around the daily pivot of 15.11. If the bears return, then oil may drop through support level of 12.43 and may proceed lower to 9.39. On the other hand, if the trend turns bullish and the first resistance level of 17.82 is broken, then crude oil may push higher to 20.18.

 

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