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

Market Analysis / 2 Min Read
Desmond Leong / 01 Jun 2020

Gold climbed higher as tensions between US and China heightened, and the fresh injections of stimulus from central banks globally could continue to support the gold rally. Elsewhere, oil prices drifted lower as negative sentiments coming out of the deteriorating US-China relations cast doubt on any further market recovery. 

CURRENCY: USDJPY

Chart by TradingView.com

Price is in the middle of the 1st resistance and 1st support.The 1st support level happens to where the horizontal overlap support lines up with 78.6% fib extension. EMA shows that price is holding above the EMA(34) but the sentiment is quite mixed.

CURRENCY: GBPUSD

Chart by TradingView.com

Price is testing our support in line with our 38.2% fibonacci retracement where we could see a bounce to our first resistance level. Ichimoku cloud and RSI are showing signs of bullish pressure as well, in line with our bullish bias.

CURRENCY: USDCNH

Chart by TradingView.com

Price is facing bearish pressure as it went up to retest the 1st resistance where we remain bearish below this level. 1st resistance happens to be where the 61.8% fibonacci extension and horizontal swing high are. Stochastics are also showing more bearish pressure. As U.S.- China tensions are escalating, CNH might see further weakness against USD.

CURRENCY: SPX

Chart by TradingView.com

Price is testing our first resistance level in line with our 78.6% fibonacci extension and horizontal overlap resistance, where we could see a reversal below this level. Ichimoku cloud is showing signs of bearish pressure as well.

CURRENCY: XAUUSD

Chart by TradingView.com

XAUUSD holding below both descending trendline resistance and also moving average. A rejection of 1st resistance at 1724.31 could possibly see price drop lower towards 1st support at 1699.61. Otherwise, should the resistance fail to hold, we could possibly see price move higher and resume it’s longer term bullish trend.

CURRENCY: WTIUSD (USOIL)

Chart by TradingView.com

WTI generally moving sideways within a broad range, holding between 1st resistance at 34.61 and 1st support at 30.85. Given the mixed sentiments in the market now, oil price could very well still be holding sideways in a range moving between 1st resistance and 1st support. Indicators remain mixed as well.

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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