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Technical Analysis | 23rd July, 2020




Technical Analysis | 23rd July, 2020

  • Update Time : Thursday, July 23, 2020
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Technical Analysis | 23rd July, 2020
Technical Analysis | 23rd July, 2020

EUR/USD:

The euro rose against the US dollar on Wednesday as demand for the euro rose and the US dollar index fell below the 95.00 handle. Lagarde of the European Central Bank said he was satisfied with the funding from the European Union.

Technically, the four-hour price is moving towards the 1.16 handle, which is below the Quasimodo resistance 1.1610. If it falls below 1.16, it will first target 1.1531 as support. Below this is the trend line support taken from the low of 1.1254 and the 1.15 handle.

Meanwhile, in the weekly time frame, the price is rising above the opening level of 2019’s 1.1445. The market is currently occupied by buyers and may be target Quasimodo resistance 1.1733 later.

Price has joined Quasimodo Resistance 1.1594, surpassing the channel resistance recently taken from the price maximum 1.1147 in the Daily Time Frame. After that there is no strong resistance till above mentioned Quasimodo resistance 1.1733.

Important Things To Consider:

Traders taking sell from 1.16 are currently in a profitable position due to Daily Quasimodo Resistance 1.1594. Now the question is whether the sellers have enough strength to take the price to the four hour support 1.1531.

Today the price may go to 1.1531. Conservative buyers will wait for a fake out of 1.15 to cross 1.1531.

Meanwhile, if the price closes above Quasimodo resistance 1.1610 in the four-hour time frame, the breakout buyers will enter the market and take the price to 1.17.

GBP/USD:

The British pound came under pressure against the US dollar in the London session on Wednesday and the price moved down from 1.27 in the four-hour time frame to support 1.2653. Although the price recovered above 1.27 in the US session and remained in the same position in the European session. Resistance is seen at 1.2796 at the top, which is just below the 1.28 handle and 161.8% Fibonacci extension point 1.2808.

In the weekly time frame, the price is currently below the opening level of 2019’s 1.2739, breaking the long-term trend line resistance from the high 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 at the level of 1.2840, the trend line support from the lowest 1.1409 (currently resistance).

Important Things To Consider:

With the weekly price below the opening level of 2019 at 1.2739 and the daily price failing to cross resistance 1.2769, buyers will have a hard time surviving above 1.27 today.

Closing below 1.27 or support level 1.2653 in the four hour time frame will create bearish conditions and break out sellers will enter the market.

AUD/USD:

After gaining 1.6% on Tuesday, the pair’s price touched a high of 0.7182 on Wednesday, the highest level since April 2019.

In the four hour time frame there is some space for the pair above the Quasimodo resistance 0.7193 and 0.72 handles. However, if the price continues to decline, it may test at 0.71 today, which is a psychological level and just below the the channel resistance (currently support) taken from the maximum 0.6997. Below this traders will keep an eye on 0.7042 as support.

The weekly price has crossed the opening level of 2020’s 0.7016 and the opening level of 2019’s 0.7042 and has reached the resistance 0.7147. Meanwhile the Daily Price has created a shooting star candle stick pattern from Quasimodo Resistance 0.7168.

Important Things To Consider:

Even with weekly resistance at 0.7147 and daily resistance at 0.7168, the price will try to move higher today.

There is also the opportunity to be tested in a four hour time frame of 0.71 or channel support. However, if it closes below 0.71 in the four-hour time frame, the price may drop to daily support 0.7049 in the larger time frame.

USD/JPY:

The four-hour candlestick has been hovering between 106.74-107.40 since early July, including 107 handles. Outside of this range, there is a focus at the June opening levels of 107.73 and 106 handles.

In the weekly timeframe, the price is currently below the opening level of 2020’s 108.62. May 7th low 105.98 acting as support and below that there is another 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:

Since the four-hour price is in the range of 106.74-107.40, today the price may go down to 107 handles. However, if it breaks out of this level, the price may increase and may go to the opening level of June 107.73 and the market may become bullish.

USD/CAD:

The US dollar recovered slightly at the start of the day but fell for the third day in a row against the Canadian dollar on Wednesday. The US dollar index fell below 95.00, while the WTI rose slightly. As a result, the price of USD/CAD has dropped to 161.8% H4 Fibonacci extension support 1.3409 near 1.34. Going down from this level, all eyes will be on Quasimodo support 1.3356, followed by another Quasimodo support 1.3343.

In the weekly time frame, the price is currently at the opening level of 2018 at 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 2018 will challenge 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 fell below the 200-day SMA (orange – 1.3512) on Tuesday and on Wednesday, the price further increased. If the depreciation continues, the price will easily fall to the support level of 1.3303.

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 from the 1.34 level.

On the other hand, the price will target four-hour Quasimodo support 1.3356 if it breaks below 1.34.

USD/CHF:

The US dollar depreciated against the Swiss franc on Wednesday as the US dollar index fell below 95.00.

Support in the four hour time frame was 0.9324, trend line support taken from the lowest 0.9420 and round number 0.93 (currently resistance). Today the price is likely to move to 161.8% Fibonacci extension level 0.9255.

In the case of large time frames, price is below weekly resistance 0.9447 while weekly and daily price are moving towards weekly Quasimodo support 0.9255.

Important Things To Consider:

Traders who took a sell from 0.9362 after a four-hour trend line support break are currently in a profitable position, plus they will be more profitable if the price goes down to 0.9255.

XAU/USD (GOLD):

Gold rose for four consecutive days on Wednesday on rising demand for safe havens and depreciating DXY against the US dollar, reaching its highest level since 2011, with weekly price hovering near resistance levels 1882.7.

The Daily Time Frame shows that the price has risen above the Quasimodo resistance 1841.0 and has targeted the above-mentioned weekly resistance.

In the four hour time frame we can see that the price stops at Quasimodo resistance 1871.6 after the price exceeds the channel resistance taken from the high of 1779.4. It was later found that the resistance level has weakened somewhat today, making it possible for the pric to go above the weekly resistance 1882.7.

Important Things To Consider:

If the price breaks above Quasimodo resistance 1871.6 in the four hour time frame, further buying may increase today. Breakout buyers can enter the market if they cross 1882.7 today.

If the H4 candle close above 1882.7, the four-hour price will target Quasimodo resistance 1903.4.

Technical Analysis | 22nd July, 2020

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