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

Market Analysis /
03 Feb 2020

This week, safe haven currencies, as well as Gold, could continue to benefit from the risk aversion as the death toll of the coronavirus surpassed 300. CNY weakened against the USD,with USD/CNH approaching the psychologically important 7. Meanwhile, commodity currencies took a back seat with the AUD taking the largest hit as the market worries about the contagious virus’ impact on China’s economy.  At the same time, GBP rallied strongly after the BoE left rates unchanged at 0.75%, while adopting a hawkish tone in its forward guidance.

CURRENCY: USDJPY

Price is facing bullish pressure from our first support where we could see a bounce  towards 1st resistance level. Stochastics is also showing signs of a bullish trend.

Chart by TradingView.com

CURRENCY: GBPUSD

Price is facing bearish pressure from our first resistance where we could see a drop below this level to our first support level. Stochastic is showing signs of bearish pressure as well. 

Chart by TradingView.com

CURRENCY: USDCNH

Price is facing bearish pressure from our first resistance where we could see a drop below this level to our first support level. Stochastic is showing signs of overbought as well. 

Chart by TradingView.com

CURRENCY: SPX

Price is facing bullish pressure from our Ichimoku cloud and our 20 EMA. We remain bullish above our first support level and could see a further push up to our first resistance level. 

Chart by TradingView.com

CURRENCY: XAUUSD

Price is facing bearish pressure from our first resistance. However, with the fundamentals in mind, the risk off market sentiment could spur further demand for Gold and a break above our first resistance could see a further rise in price to test our second resistance level.

Chart by TradingView.com

CURRENCY: WTIUSD (USOIL)

Price drifted lower on fears of coronavirus crisis. Resistance at 54.35 should hold for any further chance of price to push lower. Price currently holding below 55 period EMA and MACD is in bearish territory as well.

Chart by TradingView.com

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