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

Market Analysis / 2 Min Read
Desmond Leong / 13 Jul 2020

This week, the rally in equities showed no signs of abating, while USD was the worst performer as the investors thrived on the risk-on market sentiment. Elsewhere, Gold rallied to their highest in eight years supported by the weakness in USD while oil prices drifted sideways. 

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 bearishness.

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% and 78.6% fibonacci retracement where we could see a drop to our first support level. 

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 pushed higher and made a new high and surpassed the 1800 mark. With price holding below 1st resistance at 1823.56 and also Elliot wave 3 target, it is possible for a short term pull back towards 1st support at 1791.67 for wave 4 before resuming the upwards push.

CURRENCY: WTIUSD (USOIL)

Chart by TradingView.com

Oil price drifted sideways most of this week. However price is still within an ascending wedge configuration. With price holding above ascending wedge support and also above moving average, there looks to be a possibility of a bounce reaction above 1st support towards 1st resistance.

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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