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Technical Analysis 2019-09-20

EUR/USD Intraday: 

Neutral


Pivot: 1.1046

Resistance level 1: 1.1068Resistance level 2: 1.1096Resistance level 3: 1.1119

Support level 1: 1.1018Support level 2: 1.0995   Support level 3: 1.0967

Comment: The bears lost their momentum today, as the pair is trending neutral. If the bears recover, we could see the price decrease to 1.1018 and potentially test the second support level of 1.0995. Alternatively, if the bulls gain momentum, the pair could rise to 1.1068 and possibly extend further to 1.1096.

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USD/JPY Intraday: 

Bearish


Pivot:  108.09

Resistance level 1: 108.39Resistance level 2: 108.78Resistance level 3: 109.08

Support level 1: 107.71Support level 2: 107.41Support level 3: 107.03

Comment: The pair was trending bearish throughout the day, breaking the second support level of 107.94 during the Asia trading session, but the bulls gained momentum during the American trading session taking the pair just above the second support. If the bulls can recapture yesterday’s late found momentum, the price could reach 108.39 and possibly extend further to 108.78. Alternatively, if the bears come out in force again, the price could fall to 107.71 and possibly test the second support level of 107.41

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GBP/USD Intraday

Bullish

Pivot: 1.2506

Resistance level 1: 1.2574Resistance level 2: 1.2628Resistance level 3: 1.2696

Support level 1: 1.2452Support level 2: 1.2384Support level 3: 1.2330

Comment: The bulls regained momentum yesterday, breaking the first resistance level of 1.2508 during the London trading session. If this momentum continues today, we could see the first resistance level of 1.2574 broken, and possibly test the second resistance level of 1.2628. On the other hand, the bears could reverse the trend, taking the price down to the first support level of 1.2452 and test the second support level of 1.2384.

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AUD/USD Intraday

Bearish


Pivot: 0.6837

Resistance level 1: 0.6861Resistance level 2: 0.6893Resistance level 3: 0.6918

Support level 1: 0.6804Support level 2: 0.6779Support level 3: 0.6747

Comment: The downwards momentum continued today with the bears breaking the first support of 0.6804 during the Asia trading session. If bears continues, we could see the pair break the first support level of 0.6804, and extend further down to the price level of 0.6779. Alternatively, if the pair rises to 0.6861, this momentum could further to the price point of 0.6893

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NZD/USD Intraday

Neutral

Pivot: 0.63103

Resistance level 1: 0.6323Resistance level 2: 0.6345Resistance level 3: 0.6357

Support level 1: 0.6288Support level 2: 0.6276Support level 3: 0.6254

Comment: The bearish momentum was lost as the pair is trending neutral. If the bears are able to gather steam and break the first support level of 0.6288, the pair could continue lowering to 0.6276. Alternatively, if the bulls gain momentum, the price could rise to 0.6323 and possibly test the second resistance level of 0.6345.

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USD/CHF Intraday

Bearish

Pivot: 0.9936

Resistance level 1: 0.9972Resistance level 2: 1.0019Resistance level 3: 1.0056

Support level 1: 0.9889Support level 2: 0.9853Support level 3: 0.9805

Comment: The pair was trending bearish throughout the day, breaking the first support level of 0.9938 during the Asia trading session. If the bears can continue, the price could reach 0.9889 and possibly extend losses to 0.9853. Alternatively, if the bulls come out in force, the price could increase to 0.9972 and possibly test the second resistance level of 1.0019.

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USD/CAD Intraday

Bearish


Pivot: 1.3269

Resistance level 1: 1.3296Resistance level 2: 1.3334Resistance level 3: 1.3361

Support level 1: 1.3230Support level 2: 1.3203Support level 3: 1.3165

Comment: The pair was trending bearish throughout the day, testing the first support level of 1.3247 during the London trading session. If the bears can continue, the price could reach 1.3230 and possibly extend losses to 1.3203. Alternatively, if the bulls come out in force, the price could increase to 1.3296 and possibly test the second resistance level of 1.3334.

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DOW JONES INDEX

Neutral

Pivot: 27113

Resistance level 1: 27237Resistance level 2: 27390Resistance level 3: 27514

Support level 1: 26960Support level 2: 26836               Support level 3: 26683

Comment: The trend of DOW JONES tends to be uncertain with yesterday’s close of 27085, which is the lowest one during the week. Despite so, it did not break any support levels of last trading day. For the further reference, bulls may regain the momentum and bouncing the price up to a region of 27237 may see the level of 27390. On the other hand, if the price breaks below the support level of 26960, it may see the area of 26836.

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Gold Spot Intraday

Neutral

Pivot: 1497.4

Resistance level 1: 1505.9Resistance level 2: 1513.0Resistance level 3: 1521.4

Support level 1:  1490.3 Support level 2: 1481.9               Support level 3: 1474.8

Comment: The trend of gold tends to be neutral. In last trading day, gold was traded in a region between 1504 and 1488, never tested any resistance or support levels, with a close of 1498.8, slightly above the open price. If the bears take advantages today, we might see the pair break below 1490.3 and may drop further to 1481.9.  Alternatively, if the bulls can gather momentum and break above the first resistance of 1505.9, it may see the price of 1513.0.

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Crude Oil Intraday

Bullish

Pivot: 58.66

Resistance level 1: 59.35Resistance level 2: 60.12Resistance level 3: 60.80

Support level 1: 57.89Support level 2: 57.20Support level 3: 56.44

Comment: The trend of crude oil becomes bullish. During last trading day, the bulls gathered the momentum and once broke above the first resistance level of 59.07. Then the price retreated but still closed above the open. For the further reference, if the bulls remain the momentum, the price may break above 59.35 and rise further to the level of 60.12. On the other hand, the price breaking below 57.89 may see the it dropping further to 57.20. 

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