Forex Analysis 2020

Daily Forex Technical Analysis 11-12-2019 – MultiBankGroup

EUR/USD Intraday Bullish

Pivot point: 1.1084

Resistance level 1: 1.1105     Resistance level 2: 1.1119     Resistance level 3: 1.1140

Support level 1: 1.1070     Support level 2: 1.1049      Support level 3: 1.1035

Comment: EUR/USD was able pick up the bullish trend throughout the trading session. The pair traded within higher range and keep testing the third resistance level of 1.1101. If the bears return, the it could sink the pair down to 1.1070 and possibly test 1.1048. Alternatively, if the bull rally goes on the price could rise to 1.1105 and possibly test the second resistance level of 1.1119.

 

USD/JPY Intraday Neutral

Pivot point: 108.66

Resistance level 1: 108.81     Resistance level 2: 108.91     Resistance level 3: 109.07

Support level 1: 108.56     Support level 2: 108.41      Support level 3: 108.31

Comment: USD/JPY was able to stop the bearish trend and now indicates an unknown trend. The pair traded within a higher range during the trading session and closed near the first resistance level of yesterdays. If the pair bring bears back, it may end up testing 108.56 which can drag the pair further lower to 108.41. However, if bulls manage to reverse the trend, they may test the resistance of 108.81, which can extend the rally further to 108.91.

 

GBP/USD Intraday Neutral

Pivot point: 1.3167

Resistance level 1: 1.3201     Resistance level 2: 1.3249     Resistance level 3: 1.3284

Support level 1: 1.3119     Support level 2: 1.3084      Support level 3: 1.3036

Comment: The British Pound had a fruitful result yesterday, but it seems cannot continue today. It broke above the strong resistance of 1.32, unfortunately failed to hold it until market close. This pair plunged right after market re-opens for more than 30 pips and heading to the first support level. For the bulls to continue their gains, they will need to recover and maintain the resistance of 1.3201. Alternatively, a bearish trend will be realized if support 1.3119 falters which may send the pair ends up heading lower towards 1.3084.

 

AUD/USD Intraday Bearish

Pivot point: 0.6815

Resistance level 1: 0.6830     Resistance level 2: 0.6852     Resistance level 3: 0.6868

Support level 1: 0.6793     Support level 2: 0.6778      Support level 3: 0.6798

Comment: The pair slid again and seems the bearish trend would go on. The pair broke the first support level and maintain it until market close. For a bullish trend to occur, the pair needs to break resistance of 0.6830 and test 0.6852. While for a bearish trend to get stronger, the support level of 0.6793 must be invalidated and 0.6778 needs to be tested.

 

NZD/USD Intraday Neutral

Pivot point: 0.6546

Resistance level 1: 0.6565     Resistance level 2: 0.6586     Resistance level 3: 0.6604

Support level 1: 0.6526     Support level 2: 0.6507      Support level 3: 0.6486

Comment: Kiwi has lost his direction in the last trading session. It traded within a traded within a higher range in the beginning and broke the first resistance level but closed near pivot in the end. If it can pick back up the bulls, the prices could push higher to 0.6565 which can result in the resistance of 0.6586 being tested. Alternatively, if the bears are able to capitalize, the support level of 0.6526 may be tested which may push prices further lower towards 0.6507.

 

USD/CHF Intraday Bearish

Pivot point: 0.9853

Resistance level 1: 0.9872     Resistance level 2: 0.9902     Resistance level 3: 0.9921

Support level 1: 0.9824     Support level 2: 0.9804      Support level 3: 0.9775

Comment: The pair is now in a bearish trend. The pair failed to hold and plummeted from the market opens to end. If the resistance of 0.9872 fails to hold, prices may recover to 0.9902. On the other hand, if support of 0.9824 is invalidated, prices may head lower to 0.9804.

 

USD/CAD Intraday Neutral

Pivot point: 1.3234

Resistance level 1: 1.3245     Resistance level 2: 1.3260     Resistance level 3: 1.3271

Support level 1: 1.3220     Support level 2: 1.3209      Support level 3: 1.3194

Comment: The pair has no clear direction. It traded within a lower range but did not touch or break any support levels. If the bullish trend can come again, the pair may break resistance of 1.3245 and extend further to 1.3260. However, if the pair retreats and support level of 1.3220 gives way, we may see the pair heading lower towards 1.3209 region.

 

DOW JONES INDEX Neutral

Pivot point: 27869

Resistance level 1: 28014     Resistance level 2: 28103     Resistance level 3: 28248

Support level 1: 27780     Support level 2: 27635      Support level 3: 27546

Comment: The bullish momentum was lost, and the Index is now exhibiting a neutral trend, closing around yesterdays daily pivot. For a bullish trend to resume, the price level of 28014, would need to be broken, which may allow the Dow Jones to test the second resistance level of 28103. Alternatively, if the index falls to 27780, the price could decrease further to 27635.

 

Gold Spot Intraday Neutral

Pivot point: 1464.4

Resistance level 1: 1468.4     Resistance level 2: 1473.5     Resistance level 3: 1474.9

Support level 1: 1459.7     Support level 2: 1455.3      Support level 3: 1450.6

Comment: The bearish trend faded during Tuesday’s trading session, with gold breaking yesterday’s second support level of 1468.5, before retracting and closing below the first level of resistance. For future trading references, if resistance of 1468.4 breaks the bulls could go on to test 1473.5, then a bullish trend may be confirmed. Alternatively, a bearish trend will continue if the support of 1459.7 falters which may send prices lower to 1455.3.

 

Crude Oil Intraday Neutral

Pivot point: 58.95

Resistance level 1: 59.44     Resistance level 2: 59.91     Resistance level 3: 60.40

Support level 1: 58.49     Support level 2: 57.99      Support level 3: 57.53

Comment: Oil prices are continuing to trend neutral. For future trading reference, if the resistance level of 59.44 breaks it may confirm a bullish trend and send prices higher to 59.91. Alternatively, if the support of 58.49 fails to hold then the support of 57.99 may be tested.

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