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Technical Analysis | 22nd July, 2020




Technical Analysis | 22nd July, 2020

  • Update Time : Wednesday, July 22, 2020
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Technical Analysis | 22nd July, 2020
Technical Analysis | 22nd July, 2020

EUR/USD:

The euro took a much stronger position against the US dollar after the European Union announced a huge stimulus on Tuesday. The EUR/USD pair also rose above 1.15 yesterday on increased risk sentiment in the market.

According to the technical analysis, we are above the weekly resistance or the opening level of 2019. If the price rises again today, 1.1733 will be taken as the upward target.

In the daily timeframe, the price is above the channel resistance taken from the recent high of 1.1147. As a result, the chances of rising to Quasimodo resistance 1.1594 have increased.

In the four-hour timeframe, the trend started from a low of 1.1254, with the price rising from 1.15 to 1.1531. If it rises above this level, it will target 1.16.

Important Things To Consider:

Buyers will enter the market today if they cross 1.1531 in the four hour time frame. Although conservative buyers will wait to see if the price is tested at 1.1531 as support before the rise. In that case the next target will be the level of 1.1594.

GBP/USD:

The British pound sterling rose sharply against the US dollar on Tuesday, as the US dollar index fell to a 95.00 handle. After testing the support level at 1.2653 in the four hour time frame, the price rises above 1.27. However, after a bearish situation, the price rose to 1.2796 in the US session, just below the 1.28 handle and 161.8% Fibonacci extension point 1.2808.

Meanwhile, in the weekly time frame, the price is trying to hold its place above the opening level of 2019 1.2739 and is looking at the long-term trend line resistance taken from the maximum of 1.5930.

According to technical analysis, yesterday’s Daily Candle is moving from 200-day SMA (orange – 1.2697) to 1.2769 resistance. This is followed by resistance 1.2840, the trend line support from the low of 1.1409 (currently resistance).

Important Things To Consider:

We need to move to Daily Resistance 1.2769 as per the current market movements as some traders are looking to make a profit from here. However, this could bring the price to the 1.27 support level in a four-hour time frame.

Four-hour traders will target 1.28 handle as resistance.

AUD/USD:

The AUD/USD pair rose sharply yesterday as the US dollar depreciated and received positive news from the Reserve Bank of Australia.

After clearing 0.71 in the four-hour time frame, traders will look at Quasimodo Resistance 0.7193, which is just below 0.72. However, the Daily Quasimodo resistance can be seen at 0.7168 before reaching 0.72. Also, everyone will keep an eye on the weekly resistance 0.7147.

Important Things To Consider:

If traders break 0.71 in the four hour time frame, the price can be stopped by weekly and daily resistance 0.7147 and 0.7168 in case of buy. As a result, the price will go down to 0.71.

Below 0.71, sellers will target daily support at 0.7049, followed by four-hour support at 0.7042.

USD/JPY:

The USD/JPY pair is down from 107 as the US Dollar Index is down to 95.00. The price may move towards Quasimodo support 106.66 after crossing May’s opening level 107.12. Breaking this level will move the price to 106 handles.

In the weekly timeframe, the price is currently below the opening level of 2020s 108.62. Low of May 7th 105.98 is acting as support and below that there is a support 104.70. According to the technical analysis in the daily time frame, all eyes are still on the Quasimodo support 106.35 and the 200-day SMA (orange – 108.36).

Important Things To Consider:

Looking at the history of that level after the price recovered from the four hour support 106.66, it is understood that this level may be effective today. Sellers will enter the market if this level is exceeded and the price may fall to Quasimodo support 106.35.

USD/CAD:

The USD/CAD pair is trading below 1.35 as the WTI price rises and the US dollar index depreciates. As a result, the four-hour candlestick is now at 1.34 and the 161.8% Fibonacci extension point is at 1.3409. Below this traders will keep an eye on Quasimodo support 1.3356.

In the weekly time frame, the price is currently above the 2016 opening level of 1.3434. Below 1.3434 there is channel support starting from a low of 1.2061. If the buying of USD/CAD increases, the price will challenge opening level of 2018 1.3814 as resistance and if it can cross this level, it will target 1.4190/1.3912.

In the daily time frame, the price crossed the 200-day SMA (orange – 1.3512) on Tuesday and moved towards the support level 1.3303. The market is generally considered bearish when it closes below the 200-day SMA.

Important Things To Consider:

Although the USD/CAD pair has crossed the 200-day SMA (1.3512) and is trading below the weekly price support level of 1.3434, allowing buyers to enter the market.

As a result, we can see that buyers can enter the market today, leaving 1.34 behind. Sellers, on the other hand, can take over the market from below the SMA.

USD/CHF:

The USD/CHF pair started the day with a slight downtrend below 0.94 this week and was tested at the trend line support from the low of 0.9362 in a four-hour time frame. However, buyers have recently become more cautious and moved the price above 0.94 and July’s opening level 0.9470 is acting as resistance. On the other hand, if the above-mentioned trend line support is broken, the price of may move to Quasimodo support 0.9324.

Looking at the four-hour chart this morning, it is understood that the price has crossed the trend line support mentioned above and has met at Quasimodo support 0.9342. While some may try to recover the price today, not much support is available. Breaking 0.93 in a larger timeframe is more likely to go down.

Important Things To Consider:

Traders who buy by reducing the risk of breakeven will be able to make some profit from the four-hour Quasimodo support 0.9324. The next take profit point will be 0.93. If this level is broken, the price will drop to weekly Quasimodo support 0.9255. The market is likely to be more bearish if it closes below 0.93 in the four-hour time frame.

XAU/USD (GOLD):

The XAU/USD pair rose to a multi-year high of 1847.6 on Tuesday due to the weak position of the US dollar.

In the weekly timeframe, the pair’s price is above Quasimodo resistance 1787.4 (currently support). However, if the price continues to increase following the current trend line, the price may go to resistance 1882.7. Also interesting in the weekly timeframe is that 1451.4/1703.2 has a downward wedge pattern.

According to the daily timeframe, we recently met with Quasimodo Resistance 1841.0. If this level is exceeded the price is likely to go up to weekly resistance 1882.7.

In the larger timeframe the price went down slightly but in the four hour time frame the price very strongly surpassed two resistances 1822.8 and 1835.8. Both levels are currently working as support. Looking at the current candle it looks like there is a possibility of making a shooting star candle.

Important Things To Consider:

Bullish conditions are expected in the weekly timeframe, where the price in the daily timeframe could be at the Quasimodo resistance 1841.0. Although there is daily resistance, four-hour traders can get support from 1835.8.

If the daily Quasimodo resistance is exceeded, the price of the pair could go up to 161.8% H4 Fibonacci extension point 1856.3, followed by the weekly resistance 1882.7.

Technical Analysis | 20th July, 2020

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