Daily Technical Analysis 7 April 2020

Daily Technical Analysis | MultiBank Group

 

EUR/USD Intraday         Neutral

Pivot point: 1.0798

Resistance level 1: 1.0829     Resistance level 2: 1.0865     Resistance level 3: 1.0896

Support level 1: 1.0762     Support level 2: 1.0731      Support level 3: 1.0694

Comment: The pair has been trading sideways throughout the day with the rate staying below the daily pivot. For future trading references, if a bullish trend emerges then the resistance of 1.0829 could be broken and push the price up to 1.0865. However, if the downward trend continues then the support of 1.0762 may falter, which could pull the price lower to 1.0731.

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USD/JPY Intraday         Bullish

Pivot point: 108.97

Resistance level 1: 109.61     Resistance level 2: 110.01     Resistance level 3: 110.65

Support level 1: 108.57     Support level 2: 107.94      Support level 3: 107.53

Comment: The bullish trend is in force, as the pair tested second resistance before closing above the first resistance. If the bullish trend continues, then it might climb to the first resistance of 109.61 and extend further to 110.01. However, if the bears take over then the pair could fall to 108.57 and possible to break the second support level of 107.94.

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GBP/USD Intraday         Bearish

Pivot point: 1.2259

Resistance level 1: 1.2302     Resistance level 2: 1.2373     Resistance level 3: 1.2419

Support level 1: 1.2185     Support level 2: 1.2138      Support level 3: 1.2067

Comment: The pair opened lower today and attempted to reverse the losses but failed. If the bearish momentum returns, the pair may head lower to 1.2185 and then test the second support of 1.2138. Alternatively, if a bullish trend is formed the pair could rebound to 1.2302 level and head higher to 1.2373.

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AUD/USD Intraday         Bullish

Pivot point: 0.6061

Resistance level 1: 0.6132     Resistance level 2: 0.6176     Resistance level 3: 0.6247

Support level 1: 0.6017     Support level 2: 0.5946      Support level 3: 0.5901

Comment: The bulls came out in force, as the pair went on to test second resistance during the New York session. If the bearish momentum returns, then the first support level of 0.6132 might not hold and causing the pair to fall further to 0.5946. Conversely, the bulls may proceed and break the resistance level of 0.6132 and proceed higher to 0.6176.

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NZD/USD Intraday         Bullish

Pivot point: 0.5917

Resistance level 1: 0.5984     Resistance level 2: 0.6030     Resistance level 3: 0.6097

Support level 1: 0.5871     Support level 2: 0.5804      Support level 3: 0.5757

Comment: The pair has been following the same trend as the AUDUSD pair by testing the second resistance level of 0.5954. For an upward trend to resurface, the price needs to push higher to 0.5984, which can result in the third resistance level of 0.6030 being broke. Alternatively, if the bears gain momentum, the support level of 0.5871 may be tested which may pull the prices lower towards 0.5804.

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USD/CHF Intraday         Neutral

Pivot point: 0.9779

Resistance level 1: 0.9805     Resistance level 2: 0.9822     Resistance level 3: 0.9848

Support level 1: 0.9761     Support level 2: 0.9736      Support level 3: 0.9718

Comment: Although the first resistance was tested, bullish momentum seems to be losing steam as the pair traded sideways. For a bullish trend to resurface during Monday’s trading session, the price level of 0.9805 needs to be broken, which could allow the pair to push higher to 0.9822. If the bears pull the pair lower to the support of 0.9761 then it may extend losses to 0.9736.

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USD/CAD Intraday         Neutral

Pivot point: 1.4151

Resistance level 1: 1.4219     Resistance level 2: 1.4329     Resistance level 3: 1.4397

Support level 1: 1.4041     Support level 2: 1.3973      Support level 3: 1.3863

Comment: A bearish trend may be forming but the pair stays neutral for now until further confirmation. The pair reversed gains on Friday for now and closed around the first support level. For future trading references, if the pair retreats towards the support level of 1.4041 then we may see the pair plummets toward 1.4219 region. For the bullish trend to emerge, the resistance of 1.4269 must be broken which can take the pair higher to 1.4329.

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DOW JONES INDEX         Bullish

Pivot point: 22033

Resistance level 1: 23122     Resistance level 2: 23751     Resistance level 3: 24841

Support level 1: 21404     Support level 2: 20314      Support level 3: 19686

Comment: The bulls took over on Monday taking the index higher during each trading session breaking through the third resistance level of 21889. If the bearish momentum returns the index could fall through the support level of 21404 and head lower to 20314. Alternatively, if the Dow Jones breaks the resistance and rises to 23122 then the index may reach 23751.

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Gold Spot Intraday         Bullish

Pivot point: 1646.0

Resistance level 1: 1683.4     Resistance level 2: 1706.1     Resistance level 3: 1743.5

Support level 1: 1623.3     Support level 2: 1586.9      Support level 3: 1563.2

Comment: The precious metal surged through the third resistance level of 1645 and edged higher to close at 1660. For future trading reference, if the bulls can continue with momentum then the first resistance level of 1683.4 may be tested, and prices may head higher to 1706.1. However, if the bears return, then the first support level of 1623.3 may be invalidated, which may send gold lower to 1586.9.

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Crude Oil Intraday         Neutral

Pivot point: 28.72

Resistance level 1: 30.39     Resistance level 2: 31.91     Resistance level 3: 33.58

Support level 1: 27.20     Support level 2: 25.53      Support level 3: 24.01

Comment: The bullish trend faded during Monday’s trading session as crude oil closed around the daily pivot of 28.73. If the bullish momentum returns oil could rise to 30.39 and gains could extend further to 31.91. On the other hand, if a bearish trend emerges then the support level of 27.20 may be invalidated, allowing the support level of 25.53 to be tested.

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Editor : Belajar Forex
Belajar Forex

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