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Technical Analysis | 20th July, 2020




Technical Analysis | 20th July, 2020

  • Update Time : Monday, July 20, 2020
  • 62 Time View
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Technical Analysis | 20th July, 2020

EUR/USD:

In the four-hour time frame, the price of the EU/USD pair is above the 1.1383 support level from where the price may move to the resistance level 1.14490.

We have recently seen that the price in the weekly time frame has risen above the trend line resistance starting from a high of 1.2555 and has met the opening level of 2019 1.1445. Looking at the whole trend, it is understood that the pair will remain down until the March 9 high of 1.1495 is broken.

In the daily time frame, the pair is moving towards 161.8% Fibonacci extension point 1.1464 and is in the vicinity of the channel resistance starting from the high of 1.1147.

Important Things To Consider:

The price closed above the 1.1383 support level in a four-hour time frame, making it possible for the price to be tested at resistance 1.14490. However, in the large time frame, a small amount of price may increase as pressure is being applied from near-critical resistance levels and downward trends.

Traders taking sells from weekly resistance in a four-hour time frame are currently facing support level 1.1383. Breaking 1.1383 is likely to test the 1.1300 level.

GBP/USD:

GBP/USD has been in a downward trend since reversing from Quasimodo resistance 1.2653 in a four-hour time frame.

In the weekly time frame, we see that the price of the pair is nearing a resistance level after falling for two consecutive weeks, consisting of a 61.8% Fibonacci retracement ratio of 1.2718 and the 2019 opening level of 1.2739.

Meanwhile, in the daily time frame, the price is currently below a resistance, consisting of a trend line support level starting from a low of 1.1409, a trend line of resistance starting from a high of 1.3514, a 200-day SMA (orange – 1.2692) and a resistance of 1.2769. These resistances are again related to the weekly resistance.

In the four-hour time frame, the price rose from Quasimodo resistance 1.2653 and the price stood at the opening level of May 1.2583 and reversed from here. Now the current price is above 1.26 level. The next target as support is 1.25 level.

Important Things To Consider:

1.2583 is putting pressure on the resistance price to move lower by merging with the opening level of May and the downward trend line. If the price is tested below 1.26/1.2583, the price may go down to the support level of 1.2500.

AUD/USD:

The AUD/USD pair is below a critical level of 0.70. If this level is broken, sellers will leave the market, and buyers will come to the market and increase the price and move towards Quasimodo resistance level 0.7042.

In the weekly time frame, the opening level of 2020 0.7016 and the opening level of 2019 0.7042 will be acted as a resistance. Some traders may notice that the above-mentioned resistance is below the 61.8% Fibonacci retracement ratio 0.7128 (green). The 0.6677 level will act as support in the weekly time frame.

Price in the daily time frame has been tested below Quasimodo resistance 0.7049, which is associated with the trend line support (currently resistance) taken from the lowest 0.6670. The 0.6751 and 200-day SMA (orange – 0.6673) will also act as support in the daily time frame.

Important Things To Consider:

The price is currently below 0.70 and since there is no support level in the vicinity, it is expected that more sales will increase and the price will decrease before the break out candle closes. If the price is tested by making a four-hour bearish candlestick at 0.70 as resistance in a four-hour time frame, the price decline is likely to fall further and will move around with the four-hour support 0.6930.

USD/JPY:

The US dollar was stronger against the Japanese yen on Friday, as the US dollar index also rose due to market risk sentiment.

The USD/JPY pair broke May’s opening levels of 107.12 and 107 handles in a four-hour time frame, increasing the likelihood of moving to Quasimodo support 106.66. But the price has been tested again at 107 handles after failing to get down. If the price breaks below the 107 handle, the next target will be Quasimodo support 106.66.

In the weekly time frame, the price is currently below the opening level of the 2020s 108.62. May 6 low 105.98 is acting as support and below that there is another support 104.70. According to technical analysis in the daily time frame, all eyes are still on Quasimodo support 106.35 and 200-day SMA (orange – 108.36).

Important Things To Consider:

107 handles and 107.12 are very weak support according to technical analysis. So these two supports are likely to break easily and the price is likely to go to Quasimodo support 106.66.

USD/CAD:

The USD/CAD pair failed to close above 1.36 and is currently at its opening level in July. This is because the news of disappointing unemployment did not affect the US dollar when better-than-expected retail sales data was released, and the Canadian dollar depreciated as oil prices fell.

Price is currently being tested at its opening level in July. Breaking the critical level 1.36 may test the price at Quasimodo resistance 1.3631, or even the next Quasimodo resistance 1.3670. On the other hand, if the price fails to break 1.36, it may fall to 1.35 in a four-hour time frame.

In the weekly time frame, the price is currently above the 2017’s opening level 1.3434. Below 1.3434 there is channel support starting from a low of 1.2061. If the buying of USD/CAD increases, the opening level of 2016 1.3814 will be challenged as resistance, and if it can cross this level, it will target 1.4190 / 1.3912.

Although the price has seen a slight decline in the daily time frame, it is still holding above the 200-day SMA (1.3507). Resistance 1.3807 is taken as the take profit point, followed by another resistance 1.3867.

Important Things To Consider:

In the four hour time frame we are observing a significant resistance level 1.36. If this resistance is broken, the price may move towards the next resistance 1.3631 and 1.37.

Failing to break 1.36 on the other hand will lead sellers to enter the market and move the price to 1.35 or to weekly support 1.3434.

USD/CHF:

The USD/CHF pair fell below July’s opening level of 0.9470 and recently fell below the 0.9400 as the US dollar remained in a weaker position. The price is currently moving towards 0.9363 in the hope of support.

The big time frame shows that the price has dropped below the weekly resistance 0.9447 and the price is currently being tested at this level.

Important Things To Consider:

Since the price dropped to the initial downward target of 0.9400 on Friday, now the price of the pair is likely to move to 0.9363. And if this level is broken, the next target will be Quasimodo support 0.9324.

XAU/USD (GOLD):

On the four hour chart, the price of the XAU/USD pair fell and broke our downward trend and reversed from Resistance 1815.00. The next support level is targeted at 1791.70.

In the weekly time frame, the pair’s price is above Quasimodo resistance 1787.4 (currently acting as support). However, if the price continues to increase following the current trend line, the price may go to resistance in 1882.7. Also interesting in the weekly timeframe is that 1451.4/1703.2 has a downward wedge pattern. The bullish situation is going to be noticed in the big time frame. Price can go to Daily Quasimodo Resistance 1841.00 if it can cross 1815.00.

Important Things To Consider:

Traders who bought after being tested at 1791.7 can make some profit from 161.8% H4 Fibonacci extension point 1815.3.

Meanwhile, the price is pointing upwards in the big time frame, where there could be additional buying above 1791.70.

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