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Technical Analysis 2019-09-05

EUR/USD Intraday:

Bullish

Pivot: 1.10142

Resistance level 1: 1.1060Resistance level 2: 1.1084Resistance level 3: 1.1130

Support level 1: 1.0990Support level 2: 1.0944   Support level 3: 1.0920

Comment: The bulls came out strong from the start and are showing little sign of slowing down, as the pair has consistently increased throughout each trading session. They broke through yesterday’s second resistance level of 1.1012. If this trend continues, we could see the pair break 1.1060 and further increase to 1.0944. On the other hand, if the bulls lose momentum, we could see the price drop to 1.0990 and plummet further to 1.0944

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USD/JPY Intraday: 

Bullish

Pivot:  106.217

Resistance level 1: 106.61Resistance level 2: 106.83Resistance level 3: 107.22 

Support level 1: 105.99Support level 2: 105.60 Support level 3: 105.38

Comment: The pair initially dropped to 105.829 following the opening. However, the bulls later gained momentum breaking yesterday’s first resistance level. If this trend continues the pair could reach the price of 106.61 and maybe test the second resistance level of 106.83. Alternatively, we could see the pair break the support level of 105.99 and drop further to 105.60.

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GBP/USD Intraday

Bullish

Pivot: 1.2194

Resistance level 1: 1.2316Resistance level 2: 1.2381Resistance level 3: 1.2503

Support level 1: 1.2130Support level 2: 1.1201Support level 3: 1.1943 

Comment: The bulls did not lose momentum throughout the day with the pair increasing throughout each trading session and breaking yesterday’s second support level. The pair could continue to rise to the price of 1.2316 and potentially break the second resistance level of 1.2381 However, if the bears gain momentum the price could reach 1.2130 and drop further to 1.1201. 

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AUD/USD Intraday

Bullish

Pivot: 0.6784

Resistance level 1: 0.6813Resistance level 2: 0.6830Resistance level 3: 0.6860

Support level 1: 0.6767Support level 2: 0.6738Support level 3: 0.6721

Comment: The pair is trending bullish. The price has consistently risen through each trading session before losing momentum during the US trading session. If the pair regains bullish momentum, we could see it rise to 0.6813 and possibly test 0.6830. Alternatively, the pair could fall to 0.6767 and drop further to 0.6738.

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NZD/USD Intraday

Bullish

Pivot: 0.6350

Resistance level 1: 0.6375Resistance level 2: 0.6389Resistance level 3: 0.6414

Support level 1: 0.6336Support level 2: 0.6311Support level 3: 0.6297

Comment: The pair is trending bullish and tested yesterday’s first resistance level of 0.6361. If this trend continues, we could see the first resistance level of 0.6375 broken, potentially sending the pair higher to 0.6389. However, if the bears gain momentum the price could fall to 0.6336 and drop further to 0.6311.

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USD/CHF Intraday

Bearish

Pivot: 0.9830

Resistance level 1: 0.9862Resistance level 2: 0.9916Resistance level 3: 0.9948

Support level 1: 0.9775Support level 2: 0.9744Support level 3: 0.9689

Comment: The pair began dropping from yesterday’s opening and continued throughout most of yesterday’s trading sessions. The bears were able to break the second support level of 0.9820. If This continues, the first support level of 0.9775 might be broken and the second support level of 0.9744 may be tested. If the pair begins to rise, we could see the first resistance level of 0.9862 broken and see the pair rise to the price of 0.9916.

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USD/CAD Intraday

Neutral

Pivot: 1.3262

Resistance level 1: 1.3305Resistance level 2: 1.3388Resistance level 3: 1.3431

Support level 1: 1.3179Support level 2: 1.3136Support level 3: 1.3053

Comment: The pair was trending neutral, until the London trading session where we saw the price drop from 1.3322 to 1.3233 crashing through all three support levels. If the bears can recapture this momentum today, we could see the price go to 1.3179 and drop even further to 1.3136. If bulls are able to find momentum the pair could rise to 1.3305 and even further to 1.3388. 

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DOW JONES INDEX

Bullish

Pivot: 26270

Resistance level 1: 26468Resistance level 2: 26575Resistance level 3: 26773

Support level 1: 26163Support level 2: 25965Support level 3: 25858

Comment: The trend of DOW JONES turned to bullish during last trading day. The price broke through the first and second resistance level closing at the price of 26362, 280 points above the open price. For the further reference, bulls can remain their advantage and may see the region of 26575 if the price breaks the level of 26468. On the other hand, bears may regain momentum if it breaks below the level of 26163 and may see the area of 25965.


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Gold Spot Intraday

Bullish

Pivot: 1547.7

Resistance level 1: 1561.6Resistance level 2: 1570.9Resistance level 3: 1584.8

Support level 1: 1538.5  Support level 2: 1524.6  Support level 3: 1515.3

Comment: The trend of gold remains bullish in last trading day. The price declined first, then it bulled up and attempted to break the first resistance level of yesterday, with a closing price of 1552.3, slightly above the opening. If the bears regain momentum, we might see the pair break the first support level of 1538.5 and crash through the second support level of 1524.6. Alternatively, if the pair breaks through the resistance level of 1561.6, it could continue to rise to 1570.9.

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Crude Oil Intraday

Bullish

Pivot: 55.34

Resistance level 1: 56.98Resistance level 2: 58.09Resistance level 3: 59.73

Support level 1: 54.23Support level 2: 52.59Support level 3: 51.47

Comment: The trend of oil was bullish yesterday after London market opened. The price bulled up and successively break through the first and second resistance level of the trading day. For the further reference, the price climbing above 56.98 may see a rise to 58.09. On the other hand, if it breaks below the support of 54.23, it may see a further drop of 52.59.

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