Forex Analysis 2020

Daily Forex Technical Analysis 12-09-2019 – MultiBankGroup

EUR/USD Intraday Bearish

Pivot point: 1.1070

Resistance level 1: 1.1100     Resistance level 2: 1.1139     Resistance level 3: 1.1169

Support level 1: 1.1030     Support level 2: 1.1002      Support level 3: 1.0960

Comment: The pair is trending bearish. After bears crashed through multiple support levels, the bulls finally found some support at the 50-day moving average where there was a slight relief. However, the day ended up closing with a huge bearish candle. If trend continues, the bears could pull the pair down to 1.1030 and possibly test 1.1002. Alternatively, if the previous bull rally returns the price could rise to 1.1115 and possibly test the second resistance level of 1.1127.

 

USD/JPY Intraday Bearish

Pivot point: 108.77

Resistance level 1: 109.06     Resistance level 2: 109.49     Resistance level 3: 109.78

Support level 1: 108.33     Support level 2: 108.05      Support level 3: 107.61

Comment: USD/JPY is showing a bearish trend. The pair closed slightly below the first support level of 108.6. If the pair continues down this road, the bears may end up testing 108.33 which can drag the pair further lower to 108.05. However, if bulls manage to reverse the trend, they may test the resistance of 109.06, which can extend the rally further to 109.49.

 

GBP/USD Intraday Bullish

Pivot point: 1.3133

Resistance level 1: 1.3167     Resistance level 2: 1.3198     Resistance level 3: 1.3231

Support level 1: 1.3102     Support level 2: 1.3069      Support level 3: 1.3037

Comment: The bulls are still intact after a slight correction downwards in the prices. It did not break any support nor resistance levels but closed 20 pips lower compared to the opening price. For the bulls to continue their earlier gains, they will need to break resistance of 1.3167 which may result in the pair heading to 1.3198. Alternatively, a bearish trend will be realized if support 1.3102 falters which may send the pair ends up heading lower towards 1.3069.

 

AUD/USD Intraday Neutral

Pivot point: 0.6840

Resistance level 1: 0.6857     Resistance level 2: 0.6874     Resistance level 3: 0.6891

Support level 1: 0.6824     Support level 2: 0.6806      Support level 3: 0.6790

Comment: The pair has no clear indication of a trend. It seems to be trading within a 30-pip range between support and resistance level 1. For a bullish trend to occur, the pair needs to break resistance of 0.6857 and test 0.6874. While for a bearish trend to occur, the support level of 0.6824 must be invalidated and 0.6806 needs to be tested. Otherwise, the pair will stay range bound in a neutral trend.

 

NZD/USD Intraday Bullish

Pivot point: 0.6561

Resistance level 1: 0.6581     Resistance level 2: 0.6596     Resistance level 3: 0.6616

Support level 1: 0.6546     Support level 2: 0.6526      Support level 3: 0.6511

Comment: The pair continues its bullish run after 6 consecutive trading days saw the pair closing in the green. The pair closed just slightly above the first resistance level of 0.6564. If this trend continues, the bulls may push prices higher to 0.6581 which can result in the resistance of 0.6596 being tested. Alternatively, if the bulls lose steam and the bears are able to capitalize on that, the support level of 0.6546 may be tested which may push prices further lower towards 0.6526.

 

USD/CHF Intraday Bullish

Pivot point: 0.9894

Resistance level 1: 0.9923     Resistance level 2: 0.9947     Resistance level 3: 0.9976

Support level 1: 0.9870     Support level 2: 0.9841      Support level 3: 0.9817

Comment: The pair is in a bullish trend. The pair tested all three resistances but before market close the bulls lost some steam and the pair finally ended up closing on the second resistance level pf 0.9904. If this trend continues and the resistance of 0.9923 fails to hold, prices may head higher to 0.9947. On the other hand, if support of 0.9870 is invalidated, prices may head lower to 0.9841.

 

USD/CAD Intraday Bullish

Pivot point: 1.3265

Resistance level 1: 1.3293     Resistance level 2: 1.3330     Resistance level 3: 1.3391

Support level 1: 1.3194     Support level 2: 1.3134      Support level 3: 1.3096

Comment: The pair is still indicating a bullish trend. Friday had a strong bull showing during the New York trading session as all the resistances were broken and the pair closed cleanly above the third resistance of 1.3243. If this trend continues, the pair may break resistance of 1.3293 and extend further to 1.3330. However, if the pair retreats and support level of 1.3194 gives way, we may see the pair heading lower towards 1.3134 region.

 

DOW JONES INDEX Bullish

Pivot point: 27906

Resistance level 1: 28145     Resistance level 2: 28271     Resistance level 3: 28510

Support level 1: 27780     Support level 2: 27541      Support level 3: 27415

Comment: After cleanly breaking all the resistances, the Dow Jones closed at 28019. If the index maintains momentum, we could see the prices rise to 28145, and gains extended further to 28271 resulting in a record high. Alternatively, if the price falls to 27780, then the second resistance level of 27541 may be tested.

 

Gold Spot Intraday Bearish

Pivot point: 1462.6

Resistance level 1: 1469.1     Resistance level 2: 1479.4     Resistance level 3: 1485.9

Support level 1: 1452.4     Support level 2: 1445.9      Support level 3: 1435.6

Comment: Friday was a bad day for Gold bulls as all three support levels failed to hold. If the momentum continues, then the metal may test support of 1452.4 and possibly extend losses to 1479.4. Alternatively, if the trend reverses and gold rises to 1469.1, then gold could rise further to 1479.4.

 

Crude Oil Intraday Neutral

Pivot point: 58.81

Resistance level 1: 59.99     Resistance level 2: 60.93     Resistance level 3: 62.11

Support level 1: 57.87     Support level 2: 56.69      Support level 3: 55.74

Comment: Oils bullish trend was revived during Friday’s trading session. All three resistance were tested but the commodity closed wedged between first and second resistance. For future trading reference, if oil increases to 59.99, then the price could extend higher to 60.93. On the other hand, if oil falls to 57.87, then the price level of 56.69 could be tested.

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