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

Market Analysis / 2 Min Read
Desmond Leong / 06 Jul 2020

This week, equities edged higher while safe-haven assets such as USD, JPY and Gold took a back seat, as optimism from the development of the Covid-19 vaccine along with solid US manufacturing data helped to prop up investors’ risk appetite. Looking ahead, we remain cautious, noting the divergence between the equities market performance and the health of the global economy. 

CURRENCY: USDJPY

Chart by TradingView.com

Price is facing bearish pressure from our resistance level. It happens to be horizontal swing high resistance and 50% fibonacci retracement where we could see a drop to our first support level. The34 period EMA is also showing signs of  limited support where price could make limited pushup before a reversal.  

CURRENCY: GBPUSD

Chart by TradingView.com

Price is facing bearish pressure from our resistance level, in line with our trend line, horizontal overlap resistance, 127.2% Fibonacci extension, 50% fibonacci retracement where we could see a drop to our first support level. The 20 period EMA is also showing signs of bearish pressure in line with our bearish bias.  

CURRENCY: USDCNH

Chart by TradingView.com

Price is approaching 1st support which is in line with our horizontal swing low. Stochastic is showing signs of bullish sentiment. Take caution that the Ichimoku cloud is showing signs of bearish pressure for prices to make a pushdown.

CURRENCY: SPX

Chart by TradingView.com

Price is facing bearish pressure from our first resistance in line with our horizontal swing high resistance, 100% fibonacci extension where we could see a reversal below this level to our first support level. 

CURRENCY: XAUUSD

Chart by TradingView.com

Gold drifted sideways, and still holding above ascending trendline support. However with mixed technical indicators and no good levels for entry, we prefer to remain neutral, watching 1st resistance at 1789.12 and 1st support at 1761.78.

CURRENCY: WTIUSD (USOIL)

Chart by TradingView.com

Oil price drifted higher for most of this week before pulling back a bit on Friday during the Asian trading session. Price still holding above ascending trendline support and moving average. A push up above intermediate support at 39.57 towards 1st resistance at 41.61 could be possible. Only a break below 1st support at 39.09 will see oil price drop lower.

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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