Home / Blog / Market Analysis / Weekly Preview: Technical analysis on USDJPY, GBPUSD, USDCNH, XAUUSD, WTI, SPX 20200217

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

Market Analysis /
Desmond Leong / 17 Feb 2020

Safe haven currencies, including the USD and JPY, retraced from their recent high, due to a relief in the market risk sentiment. In the meantime, commodity currencies pared recent losses as the Coronavirus outbreak appeared to be more contained. Elsewhere, the sudden surge in the number of deaths and infected cases caused by the Coronavirus due to a change in the diagnosis requirements caused the three-day winning streak of SPX to come to a halt. 

 

INSTRUMENT: USDJPY

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. 

USDJPY Chart, Source: TradingView.com
USDJPY Chart, Source: TradingView.com

 
INSTRUMENT: GBPUSD

Price is facing bullish pressure from our first support where we could see a further push up to our first resistance level.

GBPUSD Chart, Source: TradingView.com
GBPUSD Chart, Source: TradingView.com


INSTRUMENT: USDCNH

Price is in the middle of our first resistance and 1st support where we could see price sideways while the market doesn’t have a direction yet. The Ichimoku cloud also shows signs of mixed direction.

USDCNH Chart, Source: TradingView.com
USDCNH Chart, Source: TradingView.com


INSTRUMENT: 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. 

SPX Chart, Source: TradingView.com
SPX Chart, Source: TradingView.com


INSTRUMENT: XAUUSD

Price drifted higher coming close to 1st resistance at 1592. Sell on strength below resistance for price to drop towards support at 1539.83. Momentum indicator RSI is also coming close to resistance at 62.60 where price reversed below before.

XAUUSD Chart, Source: TradingView.com
XAUUSD Chart, Source: TradingView.com


INSTRUMENT: WTIUSD (USOIL)

Price is still holding between 1st support at 47.66 and 1st resistance at 54.35. Technical indicators remain mixed as well with price holding above 34 period EMA, yet RSI is currently testing resistance. Price should continue to move sideways or show very limited downside potential.

WTIUSD (USOIL) Chart, Source: TradingView.com
WTIUSD (USOIL) Chart, Source: TradingView.com

Read more market views from the AxiTrader team: https://www.axitrader.com/uk/blog/.

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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