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Technical Analysis 2019-09-04

EUR/USD Intraday: 

Neutral

Pivot: 1.0972

Resistance level 1: 1.0993Resistance level 2: 1.1012Resistance level 3: 1.1046

Support level 1: 1.0940Support level 2: 1.0907   Support level 3: 1.08872

During the Asia Australia trading session, the bears came out in force breaking the yesterday’s first support level before testing the second level. However, the bulls gained some momentum during the London trading session, reversing the previous price drop. The pair now looks to continue its neutral trend. If the bears can recapture momentum, we may see the support level of 1.0940 broken, and this could continue further to 1.0907. Alternatively, if the bulls manage to break the first resistance level of 1.0993, the pair could rise further to 1.1012.

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USD/JPY Intraday: 

Bearish

Pivot:  106.017

Resistance level 1: 106.30Resistance level 2: 106.66Resistance level 3: 106.94

Support level 1: 105.65Support level 2: 105.37 Support level 3: 105.01

Comment: The pair continued its neutral trend, until the London trading session, where the bears took over and broke the first support level. If the bears continue, the price could drop to 105.65 and even break the second support level of 105.37. However, if the trend reverses and the bulls take over, we could see the price increase to 106.30 and possibly break 106.66.

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GBP/USD Intraday

Neutral

Pivot: 1.2091

Resistance level 1: 1.2147Resistance level 2: 1.2230Resistance level 3: 1.2285

Support level 1: 1.2008Support level 2: 1.1953Support level 3: 1.1869 

Comment: The bears started the day strong forcing the pair below the first support level. However, during the London trading session this was reversed, with the bulls clawing back the bears earlier gains. The pair now seems to be trending neutral. If the bears gather momentum, we could see the first support level of 1.2008 broken, and potentially drop through the second support level of 1.1953. On the other hand, the pair may rise through the first resistance level of 1.2147 and continue to 1.2230. 

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AUD/USD Intraday

Bullish

Pivot: 0.6737

Resistance level 1: 0.6787Resistance level 2: 0.6813Resistance level 3: 0.6863

Support level 1: 0.6711Support level 2: 0.6661Support level 3: 0.6635

The pair is trending bullish. The price has consistently risen through each trading session throughout the day breaking yesterday’s third resistance level of 0.6755. If this trend continues, we could see the pair rise to 0.6787 and increase further to 0.6813. However, if the price decreases through 0.6711, the pair may break the second support level of 0.6661.

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NZD/USD Intraday

Bullish

Pivot: 0.6315

Resistance level 1: 0.6361Resistance level 2: 0.6385Resistance level 3: 0.6431

Support level 1: 0.6921Support level 2: 0.6245Support level 3: 0.6220

Comment: The bears came out and started to test yesterday’s first support level of 0.62921. However, the bulls were able to wipe the earlier gains of the bears during the London trading session. The pair broke the first resistance level of 0.6321 and tested the second resistance level. If this trend continues, we could see the price rise to 0.6361 and possibly break 0.6385 However, if the bears regain momentum the price could drop to 0.6921 and potentially further to 0.6245.

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USD/CHF Intraday

Bearish

Pivot: 0.9886

Resistance level 1: 0.9909Resistance level 2: 0.9952Resistance level 3: 0.9975

Support level 1: 0.9843Support level 2: 0.9820Support level 3: 0.9777

Comment: The bulls were able to break the first resistance level during the Australian trading session. However, this was later reversed, and the bears took over during the London trading session, breaking the first and second support level. If the bears continue, we might see the price drop to 0.9843 and possibly test the second support level of 0.9820. However, if the pair begins to rise, we could see it test the price level of 0.9909 and possibly increase further to 0.9952.

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USD/CAD Intraday

Neutral

Pivot: 1.3347

Resistance level 1: 1.3372Resistance level 2: 1.3407Resistance level 3: 1.3432

Support level 1: 1.3312Support level 2: 1.3287Support level 3: 1.3251

Comment: The bulls were able to capture early momentum throughout the day enabling them to break yesterday’s first resistance level of 1.3353 and testing the second resistance level of 1.3382. However, the bulls lost steam and the bears took over during the London session erasing the bull’s earlier gains. The pair is now trending neutral. If the bulls can recapture yesterday’s momentum the pair could break the price of 1.13372 and further increase to 1.3407 however, if the price drops to the first support level of 1.3312 it could decrease further to 1.3287.  

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DOW JONES INDEX

Bearish

Pivot: 26125

Resistance level 1: 26173Resistance level 2: 26278Resistance level 3: 26451

Support level 1: 25953Support level 2: 25800Support level 3: 25627

Comment: The trend of DOW JONES tends to be bearish after two days of decline. During the last trading day, the bears successfully broke through the first support level of 26028, but then the price bounced up, making a close price of 26105. For further reference, if the price breaks the level of 26173, it may see the region of 26278. On the other hand, if it continues going down and breaks the level of 25953, it may go further to the area of 25800.

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Gold Spot Intraday

Bullish

Pivot: 1539.44

Resistance level 1: 1557.25Resistance level 2: 1567.55Resistance level 3: 1585.36

Support level 1: 1529.14Support level 2: 1511.33Support level 3: 1501.03

Comment: The trend of gold is now bullish, with a strong rally from 1529 to 1546 during the last trading session. From the H1 chart, we can see yesterday the price was controlled by bulls most of the time. If the bears regain momentum, we might see the pair break the first support level of 1529.14 and crash through the second support level of 1511.33. Alternatively, if the pair breaks through the resistance level of 1557.25, it could continue to rise to 1567.55.

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Crude Oil Intraday

Bearish

Pivot: 53.81

Resistance level 1: 54.87Resistance level 2: 55.95Resistance level 3: 57.01

Support level 1: 52.74Support level 2: 51.68Support level 3: 50.60

Comment: Oil continued decreasing during the last trading day, which solids the bearish trend. It experienced a dramatic decline and broke through all the support levels yesterday, falling to the level of 53.18. Then it went up and closed at 53.80. The bears would keep their advantage if they break below support of 52.74 which can see oil heading even lower to the region lower to 51.68. On the other hand, climbing above 54.85 could see the price rising to 55.95 regions.

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