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Technical Analysis 2019-09-11

EUR/USD Intraday: 

Neutral

Pivot: 1.1044

Resistance level 1: 1.1058 Resistance level 2: 1.1073 Resistance level 3: 1.10

Support level 1: 1.1029 Support level 2: 1.1015 Support level 3: 1.1000

Comment: The bulls lost their momentum and the pair is trended neutral. If the bulls recover, we could see the price increase to 1.1058 and potentially test the second resistance level of 1.1073. Alternatively, if the bears gain momentum, the pair could drop to 1.1029 and possibly fall further to 1.1015.

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USD/JPY Intraday: 

Bullish

Pivot:  107.44

Resistance level 1: 107.69 Resistance level 2: 107.84 Resistance level 3: 108.09

Support level 1: 107.28 Support level 2: 107.03 Support level 3: 106.88

Comment: The pair is continuing to trend bullish with the pair breaking yesterday’s first resistance level of 107.42. If this trend continues, we could see today’s first resistance level of 107.69 broken and possibly see the price level of 107.84 tested. On the other hand, if the bears gain momentum the price could drop to 107.28 and possibly break the second support level of 107.03. 

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GBP/USD Intraday

Neutral

Pivot: 1.2344

Resistance level 1: 1.2381 Resistance level 2: 1.2416 Resistance level 3: 1.2453

Support level 1: 1.2308 Support level 2: 1.2272 Support level 3: 1.2236 

Comment: The pair is trending neutral whilst the bulls recouped much of yesterday’s losses during the Asia trading session. If the bulls can regain this momentum, we could see them break the first resistance level of 1.2381, and the price could rise further to 1.2416. However, if the price drops to 1.2308 we could see the pair fall further to 1.2272.

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AUD/USD Intraday

Neutral

Pivot: 0.6860

Resistance level 1: 0.6871 Resistance level 2: 0.6881 Resistance level 3: 0.6892

Support level 1: 0.6849 Support level 2: 0.6839 Support level 3: 0.6828

Comment: The pair is continuing to trend neutral with neither the bulls nor the bears gaining any momentum. If the bulls can gather steam and break the first resistance level of 0.6871, the pair could continue further to 0.6881. Alternatively, if the bears gain momentum, the price could drop to 0.6849 and possibly plummet further to 0.6839.

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NZD/USD Intraday

Neutral

Pivot: 0.64251

Resistance level 1: 0.6441 Resistance level 2: 0.6458 Resistance level 3: 0.6474

Support level 1: 0.6408 Support level 2: 0.6393 Support level 3: 0.6376

Comment: The pair continued to trend neutral today. If the bears can gain momentum, the first support level of 0.6408 could be broken and we could see the second support level of 0.6393 tested. On the other hand, the price could rise to 0.6441 and increase further to 0.6458.

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USD/CHF Intraday

Neutral

Pivot: 0.9913

Resistance level 1: 0.9937 Resistance level 2: 0.9956 Resistance level 3: 0.9980

Support level 1: 0.9894 Support level 2: 0.9870 Support level 3: 0.9851

Comment: The bulls lost momentum today with the pair trending neutral. If the bulls can regain momentum, we could see the first resistance level of 0.9937 broken and see the price rise further to 0.9956. If the price drops to the first support level of 0.9894, we could see the pair fall further to 0.9870.

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USD/CAD Intraday

Neutral

Pivot: 1.3159

Resistance level 1: 1.3185 Resistance level 2: 1.3217 Resistance level 3: 1.3243

Support level 1: 1.3127 Support level 2: 1.3102 Support level 3: 1.3069

Comment: The pair was trending bearish throughout the day, breaking the first support level of 1.3146 during the London trading session, but the bulls gained momentum during the American trading session taking the pair above 1.3146. If the bulls can continue, the price could reach 1.3185 and possibly extend further to 1.3217. Alternatively, if the bears come out in force again, the price could fall to 1.3127 and possibly test the second support level of 1.3102

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 DOW JONES INDEX

Bullish

Pivot: 26837

Resistance level 1: 26961 Resistance level 2: 27030 Resistance level 3: 27154

Support level 1: 26769 Support level 2: 26644                Support level 3: 26576

Comment: The trend of DOW JONES remains bullish. During the last trading day, the price decreased at first but the trend reversed after the New York market opened, closing at the level of 26893, slightly above the open price. For the further reference, bulls can remain their advantage and may see the region of 27030 if the price breaks the level of 26961. On the other hand, bears may regain momentum if it breaks below the level of 26769 and may see the area of 26644.

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Gold Spot Intraday

Bearish

Pivot: 1490.3

Resistance level 1: 1496.2 Resistance level 2: 1506.8 Resistance level 3: 1512.7

Support level 1:   1479.7 Support level 2: 1473.9                Support level 3: 1463.3

Comment: The trend of gold remains bearish. In last trading day, the bulls got momentum at first, but the price was dragged back after the London market opened. The pair broke below the first and second support level of that day, closing at 1485.6.  If the bearish continues to take advantage, we might see the pair break the first support level of 1479.7 and crash through the second support level of 1473.9.  Alternatively, if the pair rallies up and breaks through the resistance level of 1496.2, it may continue to rise to 1506.8.

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Crude Oil Intraday

Neutral

Pivot: 57.84

Resistance level 1: 58.57 Resistance level 2: 59.38 Resistance level 3: 60.12

Support level 1: 57.03 Support level 2: 56.30 Support level 3: 55.49

Comment: The trend of oil turned to neutral during the trading day. The price went up at first and attempted to break the first resistance level, but it retreated sharply afterwards and engulfed the previous gain, closing at 57.77, slightly below the open price. For the further reference, the price climbing above 58.57 may see the it rising to 59.38. On the other hand, if it breaks below support of 57.03, it may see the region of 56.30.

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