TECHNICAL ANALYSIS | 1 April 2020

Daily Technical Analysis by MultiBank Group

EUR/USD Intraday         Bearish

Pivot point: 1.1002

Resistance level 1: 1.1078     Resistance level 2: 1.1129     Resistance level 3: 1.1205

Support level 1: 1.0952     Support level 2: 1.0876      Support level 3: 1.0825

Comment: The Bullish trend has finished for EURO after trading within a lower range. The pair broke below the second resistance during EU session but recovered a bit afterward. For future trading references, if previous bullish trend persists then the resistance of 1.1078 could be broken and push the price up to 1.1129. However, if the downward trend returns then the support of 1.0952 may falter, which could pull the price lower to 1.0876.

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USD/JPY Intraday         Neutral

Pivot point: 107.90

Resistance level 1: 108.34     Resistance level 2: 109.17     Resistance level 3: 109.61

Support level 1: 107.08     Support level 2: 106.63      Support level 3: 105.81

Comment: The pair in still experiencing a neutral trend. It nearly touched the second resistance in the EU session but retreated afterward. If the bullish trend reemerges, then it might climb to the first resistance of 108.34 and extend further to 109.17. However, if the bears continue to take over then the pair could fall to 107.08 and possible to break the second support level of 106.63.

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GBP/USD Intraday         Neutral

Pivot point: 1.2371

Resistance level 1: 1.2501     Resistance level 2: 1.2602     Resistance level 3: 1.2732

Support level 1: 1.2270     Support level 2: 1.2141      Support level 3: 1.2040

Comment: The GBP has lost the path to follow after swinging in the last trading session. It broke below the second support level but recovered afterward and nearly touched the first resistance. If the bearish momentum returns, the pair may head lower to 1.2270 and then test the second support of 1.2141. Alternatively, if a bullish trend persists the pair could rebound to 1.2501 level and head higher to 1.2602.

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AUD/USD Intraday         Neutral

Pivot point: 0.6141

Resistance level 1: 0.6204     Resistance level 2: 0.6276     Resistance level 3: 0.6339

Support level 1: 0.6068     Support level 2: 0.6005      Support level 3: 0.5932

Comment: Aussie traded within a wide range yesterday and now indicates an unknown trend. The pair touched the second support level and the first resistance in the same trading day. If the bears gather momentum, then the first support level of 0.6068 might not hold and causing the pair to fall further to 0.6005. Conversely, the bulls may proceed and break the resistance level of 0.6204 and target higher to 0.6276.

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NZD/USD Intraday         Bearish

Pivot point: 0.5967

Resistance level 1: 0.6026     Resistance level 2: 0.6097     Resistance level 3: 0.6155

Support level 1: 0.5897     Support level 2: 0.5838      Support level 3: 0.5768

Comment: The NZDUSD now indicates a bearish trend after declining in the last trading session. It broke below the second support level during US session and stay until market close. For the upward trend to return, the price needs to push higher to 0.6026, which can result in the third resistance level of 0.6097 being broke. Alternatively, if the bears gain momentum, the support level of 0.5897 may be tested which may pull the prices lower towards 0.5838.

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USD/CHF Intraday         Bullish

Pivot point: 0.9622

Resistance level 1: 0.9673     Resistance level 2: 0.9736     Resistance level 3: 0.9787

Support level 1: 0.9559     Support level 2: 0.9508      Support level 3: 0.9445

Comment: USD/CHF currently exhibits a bullish trend after trading within higher range. It succeeded to break above the second resistance and closed near the first resistance in the end. For the pair to exhibit a bullish trend, the pair needs to recover and break 0.9673, which could target the next resistance level of 0.9736. Eventually, if the bears pull the pair lower to the support of 0.9559 then it may extend losses to 0.9508.

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USD/CAD Intraday         Neutral

Pivot point: 1.4140

Resistance level 1: 1.4270     Resistance level 2: 1.4478     Resistance level 3: 1.4607

Support level 1: 1.3932     Support level 2: 1.3802      Support level 3: 1.3594

Comment: The pair experienced a volatile trading session. It broke above 1.4350 level but broke below the first support before market close. For future trading references, if the pair retreats towards the support level of 1.3932 then we may see the pair plummets toward 1.3802 region. For the bullish trend to emerge, the resistance of 1.4270 must be broken which can take the pair higher to 1.4478.

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DOW JONES INDEX         Neutral

Pivot point: 21904

Resistance level 1: 22170     Resistance level 2: 22648     Resistance level 3: 22913

Support level 1: 21427     Support level 2: 21161      Support level 3: 20684

Comment: The bulls were unable to capture momentum during Tuesday’s trading session as the index closed around the daily pivot of 21781. If the bears gain momentum the index could fall through the support level of 21427 and head lower to 21161. Alternatively, if the Dow Jones breaks the resistance and rises to 22170 then the index may reach 22648.

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Gold Spot Intraday         Bearish

Pivot point: 1588.3

Resistance level 1: 1605.89     Resistance level 2: 1641.2     Resistance level 3: 1658.8

Support level 1: 1553.0     Support level 2: 1535.4      Support level 3: 1500.1

Comment: The neutral trend was broken by the bears as the precious metal plummeted through the third support level of 1590.6 during the American trading session. For future trading reference, if the bulls can gather momentum then the first resistance level of 1605.89 may be tested, and prices may head higher to 1641.2. However, if the bears continue, then the first support level of 1533.0 may be invalidated, which may send gold lower to 1535.4.

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Crude Oil Intraday         Bearish

Pivot point: 22.52

Resistance level 1: 23.13     Resistance level 2: 24.31     Resistance level 3: 24.91

Support level 1: 21.34     Support level 2: 20.74      Support level 3: 19.56

Comment: The bulls gathered momentum initially taking oil through the first resistance level of 23.06, before oil retracted towards the daily pivot of 22.02. If the bulls can regain momentum during the current trading session oil could rise to 23.13 and gains could extend further to 24.31. On the other hand, if a bearish trend emerges then the support level of 21.34 may be invalidated, allowing the support level of 20.74 to be tested.

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