Home / Blog / Market Analysis / Weekly Preview: Technical analysis on USDJPY, GBPUSD, USDCNH, XAUUSD, WTI, SPX 20200720

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

Market Analysis / 2 Min Read
Desmond Leong / 20 Jul 2020

This week, risk aversion is back in the market as escalating Sino-US tensions and increasing number of Covid-19 cases buoyed demand for safe-haven currencies such as USD, JPY and CHF, with Gold as an exception; the dollar denominated asset dipped despite the risk off market sentiment as a result of the dollar’s strength. 

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. The Ichimoku cloud is also showing signs of bearishness.

CURRENCY: GBPUSD

Chart by TradingView.com

Price is facing bearish pressure from our first resistance level, in line with our trend line, horizontal overlap resistance, 127.2% and 78.6% fibonacci retracement. A break below our first support level could provide the bearish acceleration to our second support target. 

CURRENCY: USDCNH

Chart by TradingView.com

Price is approaching 1st support which is in line with our 78% fib extension and 76% fib retracement and from there we could see a bounce towards 1st resistance. Stochastic is showing signs of bullish sentiment. 

CURRENCY: SPX

Chart by TradingView.com

Price is facing bearish pressure from our first resistance in line with our horizontal overlap resistance, 100%, 127.2% fibonacci extension where we could see a reversal below this level. A break below our downside confirmation could provide the bearish acceleration to our first support target. 

CURRENCY: XAUUSD

Chart by TradingView.com

Gold broke above 1800 this week and traded sideways within a broad range throughout. Technical indicators show mixed signal as price is below moving average however RSI is testing support. With no good levels for entry, we remain neutral between 1st support at 1789.37 and 1st resistance at 1813.42.

CURRENCY: WTIUSD (USOIL)

Chart by TradingView.com

Oil price pushed higher this week before tapering off its gains by moving sideways… With price holding below key Fibonacci extension level and 1st resistance at 41.32 and stochastics close to resistance, a short term pull back towards ascending trendline support at 39.64 is possible before resuming its upwards move.

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.

More on this topic

See More News

Open your account. Apply in minutes.

Start your trading journey with a trusted, regulated, multi-award winning broker.

Open Account Try a Free Demo