Daily Technical Analysis

Daily Technical Analysis by MultiBank Group

USD/JPY Intraday         Bearish

Pivot point: 108.48

Resistance level 1: 109.21     Resistance level 2: 110.45     Resistance level 3: 111.18

Support level 1: 107.24     Support level 2: 106.51      Support level 3: 105.28

Comment: The bears continued to carry momentum into Fridays trading session, allowing the pair to close at the second support level of 107.93. If the bullish trend reemerges tomorrow, then it might climb to the first resistance of 109.21 and extend further to 110.45. However, if the bears continue to take over then the pair could fall to 107.24 and possible to break the second support level of 106.51.

 

 

 

GBP/USD Intraday         Bullish

Pivot point: 1.2364

Resistance level 1: 1.2595     Resistance level 2: 1.2716     Resistance level 3: 1.2947

Support level 1: 1.2242     Support level 2: 1.2011      Support level 3: 1.1890

Comment: The bullish momentum carried into Fridays trading session as the pair climbed the first resistance level of 1.2361. If the bearish momentum returns, the pair may head lower to 1.2242 and then test the second support of 1.2011. Alternatively, if a bullish trend persists the pair could rebound to 1.2595 level and head higher to 1.2716.

 

 

AUD/USD Intraday         Bullish

Pivot point: 0.6129

Resistance level 1: 0.6236     Resistance level 2: 0.6306     Resistance level 3: 0.6413

Support level 1: 0.6059     Support level 2: 0.5952      Support level 3: 0.58817

Comment: The bulls continued to carry momentum into Friday’s trading session taking the pair through the first resistance level of 0.6142. If the bears gather momentum, then the first support level of 0.6059 might not hold and causing the pair to fall further to 0.5952. Conversely, the bulls may proceed and break the resistance level of 0.6236 and target higher to 0.6306.

 

NZD/USD Intraday         Bullish

Pivot point: 0.6007

Resistance level 1: 0.6104     Resistance level 2: 0.6166     Resistance level 3: 0.6263

Support level 1: 0.5945     Support level 2: 0.5847      Support level 3: 0.5785

Comment: The NZDUSD continued to trend upwards gathering momentum at the end of the European trading session taking the pair through the first resistance level of 0.6039. For the upward trend to carry on, the price needs to push higher to 0.6104, which can result in the second resistance level of 0.6166 being broke. Alternatively, if the bears continue to gain momentum, the support level of 0.5945 may be tested which may pull the prices lower towards 0.5847.

 

USD/CAD Intraday         Bearish

Pivot point: 1.4026

Resistance level 1: 1.4129     Resistance level 2: 1.4258     Resistance level 3: 1.4362

Support level 1: 1.3897     Support level 2: 1.3793      Support level 3: 1.3665

Comment: The pair experienced a volatile trading session, breaking through the first resistance level of 1.4193 during the European trading session, before plummeting through the first support of 1.3927 level in the American trading session and closing the day around the 1.4 region. For future trading references, if the pair retreats towards the support level of 1.3897 then we may see the pair plummets toward 1.3793 region. For the bullish trend to emerge, the resistance of 1.4129 must be broken which can take the pair higher to 1.4258.

 

DOW JONES INDEX         Neutral

Pivot point: 21758

Resistance level 1: 22201     Resistance level 2: 22969     Resistance level 3: 23412

Support level 1: 20989     Support level 2: 20546      Support level 3: 19778

Comment: The bullish momentum subsided as the index closed below the daily pivot of 21802 on the day. If bears gain momentum the index could fall through the support level of 20989 and head lower to 20546. Alternatively, if the Dow Jones breaks the resistance and rises to 22201 then the index may reach 22969.

 

USD/CHF Intraday         Bearish

Pivot point: 0.9556

Resistance level 1: 0.9606     Resistance level 2: 0.9705     Resistance level 3: 0.9755

Support level 1: 0.9457     Support level 2: 0.9407      Support level 3: 0.9307

Comment: USD/CHF continues to exhibit a bearish trend taking the pair through the first support level of 0.9566. For the pair to exhibit a bullish trend, the pair needs to recover and break 0.9606, which could target the second resistance level of 0.9705. Eventually, if the bears take the pair lower to the support of 0.9457 and may extend losses to 0.9407.

 

EUR/USD Intraday         Bullish

Pivot point: 1.1081

Resistance level 1: 1.1209     Resistance level 2: 1.1275     Resistance level 3: 1.1403

Support level 1: 1.1015     Support level 2: 1.0887      Support level 3: 1.0821

Comment: The pair continued to trend bullish breaking through the first resistance level of 1.1102 following a surge during the American trading session. For future trading references, if bullish trend persists then the resistance of 1.1209 could be broken and push the price up to 1.1275. However, if the downward trend returns then the support of 1.1015 may falter, which could pull the price lower to 1.0887.

 

Gold Spot Intraday         Neutral

Pivot point: 1623.4

Resistance level 1: 1632.7     Resistance level 2: 1642.7     Resistance level 3: 1651.9

Support level 1: 1613.3     Support level 2: 1604.0      Support level 3: 1593.9

Comment: Neither the bears nor the bulls managed to gather momentum on Friday with the pair trading flat on the day closing around the daily pivot of 1626.6. For future trading reference, if the bulls regain momentum then the first resistance level of 1632.7 may be tested, and prices may head higher to 1642.7. However, if the bears return, then the first support level of 1613.3 may be invalidated, which may send gold lower to 1604.0

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