Home / Blog / Market Analysis / Weekly Preview: Technical analysis on USDJPY, GBPUSD, USDCNH, XAUUSD, WTI, SPX 20200624

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

Market Analysis / 2 Min Read
Desmond Leong / 24 Jun 2020

This week, equities pared recent losses although it still faces huge uncertainties ahead. Meanwhile, USD could see some upside as investors tread cautiously in this environment where we are still battling with a potential second wave of virus infection. Elsewhere, Crude oil rose, GBP dipped as BoE expanded their stimulus plan and Gold traded sideways as risk aversion buoying demand for the precious metal was countered by a downward pressure from the dollar’s strength.

CURRENCY: USDJPY

Chart by TradingView.com

Price is approaching 1st support where the horizontal swing low is.The 1st support level happens to where the 61.8% fib extension ist. Take caution that EMA shows that price is holding below the EMA(34) and it could make further pushdown.

CURRENCY: GBPUSD

Chart by TradingView.com

Price is testing our resistance level, in line with our horizontal overlap resistance, previous breakout level, and 23.6% 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 bounced nicely from our first support previously. We remain bullish above our first support level, in line with our 61.8% fibonacci retracement and 161.8% 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

Gold price is holding below descending trendline resistance. With RSI also coming close to testing resistance where price reacted in the past. A short term drop below 1st resistance at 1734.47 towards 1st support at 1707.20 could be possible. Otherwise, a break above the 1st resistance could see price push much higher.

CURRENCY: WTIUSD (USOIL)

Chart by TradingView.com

Oil price pushed higher, breaking above descending trendline resistance (now support). With price holding above moving average and MACD indicator showing further bullish momentum, a break above upside confirmation will further strengthen bullish scenario.

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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