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Technical Analysis 2019-09-10

EUR/USD Intraday: 

Bullish

Pivot: 1.1044

Resistance level 1: 1.1071 Resistance level 2: 1.1096 Resistance level 3: 1.1124

Support level 1: 1.1019 Support level 2: 1.0991  Support level 3: 1.0967

Comment: The bullish trending pair managed to break yesterday’s first resistance level of 1.1048. If the bulls continue, we could see the price rise to 1.1071 and possibly break the second resistance level of 1.1096. Alternatively, if the trend reverses, we could see the price drop to 1.1019 and plummet further to 1.0991.

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USD/JPY Intraday: 

Bullish

Pivot:  107.09

Resistance level 1: 107.42 Resistance level 2: 107.60 Resistance level 3: 107.93

Support level 1: 106.91 Support level 2: 106.58 Support level 3: 106.40

Comment: The bulls managed to gather momentum after the Australian trading session breaking the first resistance level of 107.13 during the American session. If this trend continues the price could break 107.42 and rise to 107.60. However, if the bears gather momentum the price could fall to 106.91 and possibly test the second support level of 106.58.

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GBP/USD Intraday

Bullish

Pivot: 1.2321

Resistance level 1: 1.2408 Resistance level 2: 1.2472 Resistance level 3: 1.2559

Support level 1: 1.2257 Support level 2: 1.2170 Support level 3: 1.2106 

Comment: The bulls regained last week’s momentum yesterday, breaking the first resistance level of 1.2327 during the London trading session. If this momentum continues today, we could see the first resistance level of 1.2408 broken and possibly test the second resistance level of 1.2472. On the other hand, the bears could reverse the trend, taking the price down to the first support level of 1.2257 and test the second support level of 1.2170. 

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AUD/USD Intraday

Neutral

Pivot: 0.6858

Resistance level 1: 0.6879 Resistance level 2: 0.6897 Resistance level 3: 0.6917

Support level 1: 0.6841 Support level 2: 0.6820 Support level 3: 0.6803

Comment: The pair is trending neutral, with the bulls testing yesterday’s first resistance level, before the bears gained momentum. If the bears manage to gather momentum today, we could see the price drop to 0.6841 and possibly fall further to 0.6820. Alternatively, if the price rises to 0.6879, we might see it continue to the price of 0.6897.

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NZD/USD Intraday

Neutral

Pivot: 0.6427

Resistance level 1: 0.6441 Resistance level 2: 0.6459 Resistance level 3: 0.6473

Support level 1: 0.6410 Support level 2: 0.6395 Support level 3: 0.6378

Comment: Neither the bulls nor the bears were able to gather momentum today, with the pair trending neutral. If the bears can gain momentum, the support level of 0.6410 might be broken and we could see the second support level of 0.6395 tested. However, if the bulls gather momentum, they could break the price of 0.6441 and possibly test 0.6459.   

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USD/CHF Intraday

Bullish

Pivot: 0.9905

Resistance level 1: 0.9938 Resistance level 2: 0.9957 Resistance level 3: 0.9991

Support level 1: 0.9886 Support level 2: 0.9853 Support level 3: 0.9834

Comment: The pair is trending bullish breaking yesterday’s first resistance level of 0.9911. If this trend continues the first resistance level of 0.9938 might be broken, possibly seeing the price further to 0.9957. If the bears reverse this trend, the price could drop to 0.9886 and possibly fall further to 0.9853.

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USD/CAD Intraday

Neutral

Pivot: 1.3162

Resistance level 1: 1.3184 Resistance level 2: 1.3199 Resistance level 3: 1.3222

Support level 1: 1.3146 Support level 2: 1.3123 Support level 3: 1.3107

Comment: The pair was initially trending bearish throughout the day, before the bulls took over in the US trading session, recouping much of the day’s losses. The pair is now trending neutral. If the bears can regain momentum, we could see the price of 1.3146 broken, possibly seeing the pair drop further to 1.3123. Alternatively, the bulls could take the price to 1.3184 and possibly further to 1.3199.

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DOW JONES INDEX

Bullish

Pivot: 26834

Resistance level 1: 26906 Resistance level 2: 26974 Resistance level 3: 27046

Support level 1: 26766 Support level 2: 26694                Support level 3: 26626

Comment: The trend of DOW JONES remains bullish but steadier than before. During the last trading day, the index once broke above the first resistance level of yesterday but retreated later, closing slightly above the open price. For the further reference, bulls can remain their advantage and may see the region of 26974 if the price breaks the level of 26906. On the other hand, bears may regain momentum if it breaks below the level of 26766 and may see the area of 26694.

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Gold Spot Intraday

Bearish

Pivot: 1504.0

Resistance level 1: 1510.5 Resistance level 2: 1521.9 Resistance level 3: 1528.4

Support level 1: 1492.5  Support level 2: 1486.1                Support level 3: 1474.6

Comment: The trend of gold remains bearish. In last trading day, the bulls gained momentum twice, but the price were both dragged back to an even lower level. If the bearish run continues to take advantages, we might see the pair break the first support level of 1492.5 and crash through the second support level of 1486.1.  Alternatively, if the pair rallies up and breaks through the resistance level of 1510.5, it may continue to rise to 1521.9.

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Crude Oil Intraday

Bullish

Pivot: 57.49

Resistance level 1: 58.49 Resistance level 2: 59.02 Resistance level 3: 60.05

Support level 1: 56.93 Support level 2: 55.93 Support level 3: 55.36

Comment: The trend of oil remains bullish. During last trading day, the bulls were in control with the price steadily going up and successfully broke the first resistance level of that day, closing at 57.93. For the further reference, the price climbing above 58.49 may see the it rising to 59.02. On the other hand, if it breaks below support of 56.93, it may see the region of 55.93.

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