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Technical Analysis 2019-09-09

EUR/USD Intraday: 

Neutral

Pivot: 1.1032

Resistance level 1: 1.1048Resistance level 2: 1.1071Resistance level 3: 1.1085

Support level 1: 1.1011Support level 2: 1.0997  Support level 3: 1.0974

Comment: The pair is still trending neutral. During the last trading session, the bulls tries twice to bounce the pair up before the bears erased any gains previously made, closing at 1.1025, slightly below the open price. If momentum picks up for the bulls, we may see the first resistance level of 1.1048 broken and the price could increase further to 1.1071. Alternatively, if the price continues to drop to 1.1011 the pair could plummet further to 1.0997.

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USD/JPY Intraday: 

Bullish

Pivot:  106.88

Resistance level 1: 107.13Resistance level 2: 107.35Resistance level 3: 107.61

Support level 1: 106.65Support level 2: 106.40 Support level 3: 106.17

Comment: The pair still trends bullish after three days increasing successively. During the last trading session, the price did not move much and neither attempted to break any resistance or support, closing at the price of 106.91 slightly above the open price. If the bullish trend continues the price could rise to 107.13 and possibly break the second resistance level of 107.35. Alternatively, If the trend reverses the pair could fall to 106.65 and drop further to 106.40.

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GBP/USD Intraday 

Neutral

Pivot: 1.2303

Resistance level 1: 1.2327Resistance level 2: 1.2367Resistance level 3: 1.2391

Support level 1: 1.2263Support level 2: 1.2239Support level 3: 1.2199 

Comment: The pair is trending neutral from bullish, as the price retreated during the last trading day after previous two days surge. However, the decline last Friday did not engulf the previous increase. If the bulls regain momentum, the price could increase to 1.2327 and possibly break the second resistance level of 1.2367. However, if the pair continues to fall, we could see the price of 1.2263 broken and the pair could drop further to 1.2239.

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AUD/USD Intraday

Bullish

Pivot: 0.6839

Resistance level 1: 0.6871Resistance level 2: 0.6893Resistance level 3: 0.6926

Support level 1: 0.6816Support level 2: 0.6784Support level 3: 0.6762

Comment: The pair has continued its bullish trend managing to break last trading day’s first resistance level of 0.6831. If the bulls keep this momentum, the price of 0.6871 could be broken and the second resistance level of 0.6893 might be tested. However, if there is a reversal and the bears gain momentum, the price might drop to 0.6816 and fall further to 0.6784.

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NZD/USD Intraday

Bullish

Pivot: 0.6410

Resistance level 1: 0.6459Resistance level 2: 0.6492Resistance level 3: 0.6540

Support level 1: 0.6377Support level 2: 0.6329Support level 3: 0.6296

Comment: The pair solidifies its bullish trend from last Friday’s surge, managing to break above the first and second resistance level that day, closing at 0.6426, 55 points higher than the open price. If the bulls retain the momentum, we could see the pair break the price of 0.6459 and possibly increase further to 0.6492. On the other hand, if the bears can pick up momentum the price could fall to 0.6377 and drop to the second support level of 0.6329.

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USD/CHF Intraday

Bullish

Pivot: 0.9882

Resistance level 1: 0.9911Resistance level 2: 0.9947Resistance level 3: 0.9976

Support level 1: 0.9847Support level 2: 0.9817Support level 3: 0.9782

Comment: The pair’s trend remains bullish. During last trading day, it surged at first and managed to break the first resistance before retreating some of the gain and closed at 0.9876, 24 points higher than the open price. If the bullish trend continues, we could see the price rise to 0.9911 and possibly break 0.9947. Alternatively, if the pair falls, the price level of 0.9847 might be broken and we could see the pair hit the price of 0.9817.

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USD/CAD Intraday

Bearish

Pivot: 1.3188

Resistance level 1: 1.3218Resistance level 2: 1.3265Resistance level 3: 1.3295

Support level 1: 1.3140Support level 2: 1.3110Support level 3: 1.3063

Comment: The pair is trending bearish, with bears controlling throughout the day enabling it to break the first support level of 1.3199, closing at 1.3171, 56 points lower than the open price. If the pair drops to 1.3140, we could see price fall further to 1.3110. However, if bulls gain momentum, we could see the first resistance level of 1.3218 broken and potentially take the pair higher to 1.3265. 

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DOW JONES INDEX

Bullish

Pivot: 26788

Resistance level 1: 26899Resistance level 2: 26971Resistance level 3: 27082

Support level 1: 26715Support level 2: 26605               Support level 3: 26532

Comment: The trend of DOW JONES remains bullish as three days increase successively last week. During last trading day, the index did not experience much volatility and neither attempted to break any resistance or support level. But bulls seemed to take slight advantage, making the price close above the open. For the further reference, bulls can remain their advantage and may see the region of 26971 if the price breaks the level of 26899. On the other hand, bears may regain momentum if it breaks below the level of 26715 and may see the area of 26605.

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Gold Spot Intraday

Bearish

Pivot: 1512.3

Resistance level 1: 1522.1Resistance level 2: 1537.7Resistance level 3: 1547.4

Support level 1: 1496.8  Support level 2: 1487.0               Support level 3: 1471.4

Comment: The trend of gold remains bearish. In the last trading day, bulls and bears battled for two rounds, with the price fluctuating within the region between 1527 and 1502. Finally, the bears gained the momentum and dragged the price down to the level of 1506. If the bearish momentum remains, we might see the pair break the first support level of 1496.8 and crash through the second support level of 1487.0. Alternatively, if the pair rallies up and breaks through the resistance level of 1522.1, it may continue to rise to 1537.7.

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Crude Oil Intraday

Bullish

Pivot: 56.05

Resistance level 1: 57.36Resistance level 2: 58.15Resistance level 3: 59.45

Support level 1: 55.26Support level 2: 53.96Support level 3: 53.16

Comment: The trend of oil remains bullish. Last Friday after London market opened, the price dropped significantly and once break below the first support. However, the momentum reversed after the New York market opened, the price bulled up and took the advantage again, closing at 56.56 above the open price. For the further reference, the price climbing above 57.36 may see the it rising to 58.15. On the other hand, if it breaks below support of 55.26, it may see the region of 53.96.

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