Daily Technical Analysis | 5 May 2020

Daily Technical Analysis | MultiBank Group

EUR/USD Intraday         Bearish

Pivot point: 1.0925

Resistance level 1: 1.0955     Resistance level 2: 1.1004     Resistance level 3: 1.1034

Support level 1: 1.0877     Support level 2: 1.0847      Support level 3: 1.0798

Comment: The Euro is exhibiting a bearish trend testing the second support level of 1.0893 during the European and US trading session. For future trading references, if a bullish trend emerges then the resistance of 1.0955 could be broken and push the price up to 1.1004. However, if the downward trend continues then the support of 1.0877 may falter, which could pull the price lower to 1.0847.


USD/JPY Intraday         Neutral

Pivot point: 106.80

Resistance level 1: 106.96     Resistance level 2: 107.23     Resistance level 3: 107.40

Support level 1: 106.53     Support level 2: 106.36      Support level 3: 106.10

Comment: The pair is exhibiting a neutral trend edging below the daily pivot of 106.97. If the bullish trend returns, then it might climb to the first resistance of 106.96 and extend further to 107.23. However, if the bears take over then the pair could fall to 106.53 and possible to break the second support level of 106.36.


GBP/USD Intraday         Bearish

Pivot point: 1.2445

Resistance level 1: 1.2484     Resistance level 2: 1.2525     Resistance level 3: 1.2565

Support level 1: 1.2403     Support level 2: 1.2364      Support level 3: 1.2323

Comment: GBPUDS continued to demonstate a testing the second support level of 1.2408, before retracing towards the first support of 1.2451. If the bearish momentum remains, the pair may head lower to 1.2403 and then test the next support of 1.2364. Alternatively, if a bullish trend is formed the pair could rebound to 1.2484 level and head higher to 1.2525.


AUD/USD Intraday         Neutral

Pivot point: 0.6409

Resistance level 1: 0.6447     Resistance level 2: 0.6472     Resistance level 3: 0.6509

Support level 1: 0.6385     Support level 2: 0.6348      Support level 3: 0.6323

Comment: The bearish trend continued during the Australian trading session, as the pair fell through the first support level of 0.6383, however this momentum was short lived and the pair edged towards the daily pivot of 0.6447 during the US trading session. If the bearish momentum can return, then the support level of 0.6385 might not hold and causing the pair to fall further to 0.6348. Conversely, the bulls may proceed and break the resistance level of 0.6447 and recover to 0.6472.


NZD/USD Intraday         Neutral

Pivot point: 0.6036

Resistance level 1: 0.6065     Resistance level 2: 0.6087     Resistance level 3: 0.6116

Support level 1: 0.6014     Support level 2: 0.5985      Support level 3: 0.5963

Comment: The kiwi was initially trending bearish falling through the first support level of 0.6029 during the Australian trading session, before resurfacing above the first support and heading towards the daily pivot of 0.6109. For an upward trend to return, the price needs to push higher to 0.6065, which can result in the second resistance level of 0.6087 being broken. Alternatively, if the bears gain momentum, the support level of 0.6014 may be tested which may pull the prices lower towards 0.5985.


USD/CHF Intraday         Bullish

Pivot point: 0.9642

Resistance level 1: 0.9668     Resistance level 2: 0.9689     Resistance level 3: 0.9715

Support level 1: 0.9621     Support level 2: 0.9595      Support level 3: 0.9574

Comment: The USD/CHF gathered bullish momentum and tested the first resistance level of 0.9657. For a bullish trend to continue, the price level of 0.9668 needs to be broken, which could allow the pair to push higher to 0.9689. If the bears pull the pair lower to the support of 0.9621 then it may extend losses to 0.9595.


USD/CAD Intraday         Neutral

Pivot point: 1.4097

Resistance level 1: 1.4143     Resistance level 2: 1.4198     Resistance level 3: 1.4244

Support level 1: 1.4041     Support level 2: 1.3995      Support level 3: 1.3940

Comment: The pair tested the first resistance level of 1.4153 during the Australian trading session, but the bulls lost momentum and the pair retraced towards the daily pivot of 1.4041. For future trading references, if the pair retreats towards the support level of 1.4041 then we may see the pair plummet toward 1.3995 region. For the bullish trend to emerge, the resistance of 1.4143 must be broken which can take the pair higher to 1.4198.


DOW JONES INDEX         Neutral

Pivot point: 23601

Resistance level 1: 23881     Resistance level 2: 24050     Resistance level 3: 24330

Support level 1: 23433     Support level 2: 23153      Support level 3: 22984

Comment: Previous bearish trend has been alleviated after the index succeeded to rebound from the daily low during US session. For future trading reference, if the bullish momentum returns the index could break the first resistance level of 23881 and push higher to 24050. Alternatively, if the Dow falls through the first support level of 23433, then second support level of 23153 could be tested.


Gold Spot Intraday         Neutral

Pivot point: 1702.47

Resistance level 1: 1713.15     Resistance level 2: 1724.59     Resistance level 3: 1735.27

Support level 1: 1691.03     Support level 2: 1680.35      Support level 3: 1668.91

Comment: The precious metal is still exhibiting a neutral trend after trading within a wide range yesterday. It touched the first resistance but failed to hold and kept swing between $1700 and $1710 level. If the bulls take over, then gold could recover and break the first resistance level of $1713.15 and rise towards 1724.59. However, if gold falls through the first support of 1691.03 then the second support of 1680.35 may be broken.


Crude Oil Intraday         Bullish

Pivot point: 21.68

Resistance level 1: 23.61     Resistance level 2: 24.73     Resistance level 3: 26.65

Support level 1: 20.56     Support level 2: 18.63      Support level 3: 17.51

Comment: The bullish momentum returns after the market has positive expectation on the increasing demand. It was trading within a lower range at market start but succeeded to regain and close slightly below the second resistance at market close. If the bears return, then oil may drop through support level of 20.56 and may proceed lower to 18.63. On the other hand, if the bullish trend persists then the first resistance level of 23.61 will break and crude oil may push higher to 24.73.


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