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Weekly Preview: Technical analysis on USDJPY, GBPUSD, USDCNH, XAUUSD, WTI, SPX

Market Analysis / 2 Min Read
Desmond Leong / 30 Mar 2020

This week, equities roared ahead as the approval of the $2 trillion fiscal package by the US Senate provided a temporary boost to market risk sentiment. Elsewhere, GBP, AUD and NZD were the best performers this week, after taking the hardest hit from the recent risk aversion. Looking ahead, as more countries go into lock-down mode along with the number of Covid-19 cases climbing worldwide, we could be seeing a new wave of risk aversion returning to the  market, until the financial and health headlines show signs of decoupling. 

CURRENCY: USDJPY

Chart by TradingView.com

Price dropped to our 1st support and bounced nicely from there. Price is facing bullish pressure from 1st support where we remain bullish above this level. The 1st support level happens to where the horizontal overlap support is. Ichimoku is showing nice support for price to go higher from here.

CURRENCY: GBPUSD

Chart by TradingView.com

Price is facing bearish pressure from our first resistance where we could be seeing a further drop to our first support level. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias. RSI is showing a bearish breakout as well. 

CURRENCY: USDCNH

Chart by TradingView.com

Price is facing bullish pressure from our Ichimoku cloud and 1st support where we remain bullish above this level. Currently there’s some optimism that China is back to work and the economy is recovering slowly. But next week’s Manufacturing PMI and Non-manufacturing PMI of March might show the painful damage that the virus has done to China’s economy, and  CNH could see some near-term bearishness. 

CURRENCY: SPX

Chart by TradingView.com

We caught the bounce nicely above our first support level last week. This week, we remain bullish above our first support level and could be seeing a further push up to our first resistance level.

CURRENCY: XAUUSD

Chart by TradingView.com

Gold bounced higher and came close and tested 1st resistance twice at 1649.21. Below which there could be a possible drop towards 1st support at 1546.27. Stochastics indicator is testing resistance as well where price reacted below in the past. Further, we are seeing a bearish divergence between price and momentum.

CURRENCY: WTIUSD (USOIL)

Chart by TradingView.com

Oil prices drifted sideways over the course of this week, holding between 1st resistance at 24.97 and 1st support at 20.04. Technical indicators are mixed as well with price holding below 21 period moving average yet stochastics is coming close to support where price reacted in the past.

The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.

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