Daily Technical Analysis | 31 March 2020

Daily Technical Analysis | MultiBank Group

 

EUR/USD Intraday         Neutral

Pivot point: 1.1065

Resistance level 1: 1.1120     Resistance level 2: 1.1199     Resistance level 3: 1.1254

Support level 1: 1.0986     Support level 2: 1.0931      Support level 3: 1.0852

Comment: The Bullish trend temporary stopped for EURO after trading within a comparatively low range. The pair failed to break above any resistance but broke below the first support level instead. For future trading references, if previous bullish trend persists then the resistance of 1.1120 could be broken and push the price up to 1.1199. However, if the downward trend returns then the support of 1.0986 may falter, which could pull the price lower to 1.0931.

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USD/JPY Intraday         Neutral

Pivot point: 107.71

Resistance level 1: 108.31     Resistance level 2: 108.89     Resistance level 3: 109.48

Support level 1: 107.14     Support level 2: 106.54      Support level 3: 105.97

Comment: The bear has come to an end for USDJPY. The pair traded within a low range during Asia session but rebounded afterward and closed near to the opening. If the bullish trend reemerges tomorrow, then it might climb to the first resistance of 108.31 and extend further to 108.89. However, if the bears continue to take over then the pair could fall to 107.14 and possible to break the second support level of 106.54.

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GBP/USD Intraday         Neutral

Pivot point: 1.2398

Resistance level 1: 1.2478     Resistance level 2: 1.2547     Resistance level 3: 1.2628

Support level 1: 1.2329     Support level 2: 1.2248      Support level 3: 1.2179

Comment: The bullish momentum failed to carry into last trading session as the pair failed to climb higher compared to the opening. Overall, the pair traded within range. If the bearish momentum returns, the pair may head lower to 1.2329 and then test the second support of 1.2248. Alternatively, if a bullish trend persists the pair could rebound to 1.2478 level and head higher to 1.2547.

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AUD/USD Intraday         Bullish

Pivot point: 0.6153

Resistance level 1: 0.6195     Resistance level 2: 0.6226     Resistance level 3: 0.6267

Support level 1: 0.6123     Support level 2: 0.6081      Support level 3: 0.6050

Comment: Aussie traded within range yesterday but still indicates a bullish trend. The pair refused to head lower and seems to have incentives going upward. If the bears gather momentum, then the first support level of 0.6123 might not hold and causing the pair to fall further to 0.6081. Conversely, the bulls may proceed and break the resistance level of 0.6195 and target higher to 0.6226.

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NZD/USD Intraday         Neutral

Pivot point: 0.6018

Resistance level 1: 0.6054     Resistance level 2: 0.6098     Resistance level 3: 0.6134

Support level 1: 0.5974     Support level 2: 0.5939      Support level 3: 0.5894

Comment: The NZDUSD suspend to trend upwards by trading within a lower range and closed lower compared to opening. For the upward trend to carry on, the price needs to push higher to 0.6098, which can result in the third resistance level of 0.6134 being broke. Alternatively, if the bears gain momentum, the support level of 0.5974 may be tested which may pull the prices lower towards 0.5939.

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USD/CHF Intraday         Neutral

Pivot point: 0.9564

Resistance level 1: 0.9628     Resistance level 2: 0.9674     Resistance level 3: 0.9737

Support level 1: 0.9519     Support level 2: 0.9455      Support level 3: 0.9409

Comment: USD/CHF currently exhibits a neutral trend after slightly rebounded from the low. It succeeded to stop the bear by boring through the first resistance. For the pair to exhibit a bullish trend, the pair needs to recover and break 0.9674, which could target the next resistance level of 0.9737. Eventually, if the bears pull the pair lower to the support of 0.9519 then it may extend losses to 0.9455.

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USD/CAD Intraday         Bullish

Pivot point: 1.4119

Resistance level 1: 1.4231     Resistance level 2: 1.4296     Resistance level 3: 1.4407

Support level 1: 1.4054     Support level 2: 1.3942      Support level 3: 1.3877

Comment: The pair experienced a volatile trading session. It nearly broke below the region of 1.4 few hours after market opened and kept advancing afterward. It closed near to the daily high. For future trading references, if the pair retreats towards the support level of 1.4054 then we may see the pair plummets toward 1.3942 region. For the bullish trend to emerge, the resistance of 1.4231 must be broken which can take the pair higher to 1.4296.

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DOW JONES INDEX         Bullish

Pivot point: 21781

Resistance level 1: 22633     Resistance level 2: 23087     Resistance level 3: 23939

Support level 1: 21327     Support level 2: 20475      Support level 3: 20021

Comment: The bulls gathered momentum during Monday’s trading session taking the Dow Jones through the first resistance level of 22201. If the bears gain momentum the index could fall through the support level of 21327 and head lower to 20475. Alternatively, if the Dow Jones breaks the resistance and rises to 22633 then the index may reach 23087.

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Gold Spot Intraday         Neutral

Pivot point: 1621.9

Resistance level 1: 1632.3     Resistance level 2: 1642.7     Resistance level 3: 1653.1

Support level 1: 1611.5     Support level 2: 1601.0      Support level 3: 1590.6

Comment: The neutral trend continued on Monday, as the precious metal closed around the daily pivot of 1623.4. For future trading reference, if the bulls regain momentum then the first resistance level of 1632.3 may be tested, and prices may head higher to 1642.7. However, if the bears return, then the first support level of 1611.5 may be invalidated, which may send gold lower to 1601.0

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Crude Oil Intraday         Bearish

Pivot point: 22.02

Resistance level 1: 23.06     Resistance level 2: 24.21     Resistance level 3: 25.25

Support level 1: 20.87     Support level 2: 19.82      Support level 3: 18.68

Comment: The bearish trend continued on Monday as crude oil was taken lower during the Asian and European trading session falling through the first support level of 23.13. If the bulls gather momentum during the current trading session oil could rise to 23.06 and gains could extend further to 24.21. On the other hand, if a bearish trend emerges then the support level of 20.87 may be invalidated, allowing the support level of 19.82 to be tested.

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