Home / Blog / Market Analysis / Weekly Preview: Technical analysis on USDJPY, GBPUSD, USDCNH, XAUUSD, WTI, SPX 20200609

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

Market Analysis / 2 Min Read
Desmond Leong / 09 Jun 2020

This week global stocks are ready to post the second straight weekly gain with SPX making a new high after March’s turmoil. The dollar extended its slide for the third week and crude oil climbed. GBP is soaring as the risk-on sentiment dominates the market while gold weakened amid the bullish sentiment.  

CURRENCY: USDJPY

Chart by TradingView.com

Price is approaching 1st resistance where the 61.8% fibonacci retracement is.The 1st support level happens to where the horizontal overlap support lines up with 61.8% fib retracement. EMA shows that price is holding above the EMA(34) but the sentiment is bullish..

CURRENCY: GBPUSD

Chart by TradingView.com

Price is facing bearish pressure from our intermediate resistance level at 1.2649, in line with our horizontal swing high resistance where we remain bearish below this level and could see a reversal to our first support level. A break above our intermediate resistance level could provide the bullish acceleration to our first resistance level.

CURRENCY: USDCNH

Chart by TradingView.com

Price is in the middle of 1st support and 1st resistance which is  in line with our 100% fibonacci extension. If price could make a pushdown towards 1st support, we could see a bounce from there towards our first resistance level. The Ichimoku cloud is showing signs of bearish pressure for prices to make a pushdown.

CURRENCY: SPX

Chart by TradingView.com

Price is facing bullish pressure from our first support, in line with our 23.6% fibonacci retracement and 61.8% fibonacci extension where we could see a bounce to our first resistance level. Ichimoku cloud is showing signs of bullish pressure in line with our bullish bias.

CURRENCY: XAUUSD

Chart by TradingView.com

Price is reversing off 1st resistance where the 61.8% fibonacci retracement is.The 1st support level happens to where the horizontal swing low support is. MACD indicates more bearishness could come.

CURRENCY: WTIUSD (USOIL)

Chart by TradingView.com

Price is in the middle of 1st support and 1st resistance which is  in line with our -27%  fibonacci retracement. Currently price is consolidating at the intermediate support where the horizontal swing low is and could see some bullish pressure from here towards 1st resistance. MACD is showing mixed sentient in line with our neutral bias.

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.

More on this topic

See More News

Open your account. Trade within minutes.

Start your trading journey with a trusted, multi-award winning broker.

Open Account Try a Free Demo