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12th April 2021: Forex Stocks Crypto Commodities Markets Review

12th April 2021: Forex Stocks Crypto Commodities Markets Review

12.04.2021

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EUR/USD

Looking at the weekly chart, we can see that prices are facing bearish pressure from our resistance at 1.19800 where we could see a further drop below this level. On the daily time frame, it echoes the same bearish view as well where we could see a further drop before prices reach their support at 1.17100.

On the H4 timeframe, prices are facing bearish pressure from our resistance at 1.19800 where we could see a further drop below this level to our support target at 1.18087. Keeping in mind that the view is bearish on the larger time frames, a break below our H4 support target at 1.18087 could see a further drop to our next support target at 1.17100, in line with the support target found on the daily time frame.

Areas of consideration:

  • 19800 resistance area found on the H4 time frame
  • 18087 support area found on the H4 time frame

GBP/USD

Looking at the weekly chart, we can see that prices are facing bearish pressure from our resistance at 1.43000 and could see a further downside before it reaches our support area at 1.31500. On the daily time frame, prices are approaching a key support level at 1.36500, in line with our graphical support level and 38.2% Fibonacci retracement.

On the H4 timeframe, prices are approaching our support level at 1.36800, in line with our graphical swing low support where we could see a limited upside above this level. A break below our H4 support at 1.36800 could see a further drop to our next support level at 1.35800 in line with the 100% Fibonacci extension.

Areas of consideration:

  • 38200 resistance area found on the H4 time frame
  • 36800 support area found on H4 timeframe

AUD/USD

From the Weekly timeframe, prices are holding nicely above ascending trendline support. Prices are taking support from support which is horizontal pullback support in line with -27%, 61.8% Fibonacci retracement, and 161.8% Fibonacci extension. Prices take resistance from 0.78203 level in line with 61.8% Fibonacci retracement and horizontal graphical overlap.

On the daily time frame, prices have broken out of the descending trendline resistance and are taking support from horizontal swing low support which coincides with 61.8% Fibonacci retracement. Prices might push up towards resistance at 0.77286 in line with -27%, 61.8% Fibonacci retracement, and horizontal graphical overlap.

On the H4, the price has pushed away from 78.6% Fibonacci retracement and pushed to new lows, we may see the price continue its short-term bearish movement towards the support area at 0.75843, in line with 100% Fibonacci extension and -27% Fibonacci retracement.

Areas of consideration:

  • H4, prices might push down towards 0.75843 and take support there before bouncing
  • Daily time frame showing that prices have broken out of descending trendline resistance
  • Weekly time shows price approaching ascending trendline support, the potential for a bounce.

USD/JPY

From the weekly timeframe, prices are facing resistance from horizontal swing high resistance which coincides with 50% Fibonacci retracement and 78.6% Fibonacci extension, taking support from 104.224 level which is in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. On the daily time frame, prices are facing resistance from both the horizontal swing high resistance which coincides with 78.6% Fibonacci retracement as well as the 112.204 level. Prices broke through the 109.342 level and are pushing down to take support on ascending trendline support.

On the H4, prices are facing resistance from descending trendline resistance and horizontal swing high resistance in line with 50% Fibonacci retracement. Prices might push down to support level in line with horizontal swing low support which coincides with 161.8% Fibonacci retracement. EMA is also above prices, giving a bearish pressure for prices, in line with our analysis.

Areas of consideration:

  • On the H4, prices might push down to support level 108.347
  • Price facing resistance from 110.978 on weekly

USD/CAD

The weekly chart shows that price is testing the weekly 1.26464 resistance level, in line with our 78.6% Fibonacci retracement level and descending trendline resistance. The daily chart also shows a similar picture, with price holding below the 1.26464 resistance level and may potentially push further downside towards the support level found at 1.23789.

On the H4, the price seems to be making a short-term bullish pullback, where we could possibly see a reversal at the 78.6% Fibonacci retracement level at 1.25927, within touching distance of 1.26 major level. This could be a good port of call for the next bearish movement towards the level of 1.25063, in line with -27% Fibonacci retracement, in line with previous swing low support.

Areas of consideration:

  • The weekly 1.26464 resistance is a key intraday level to watch.
  • Price could pull back towards 1.25927 before pushing downside towards 1.25063.

USD/CHF

USD/CHF has seen a reversal at the descending trendline resistance and is now holding below the weekly 0.95000 resistance level which is in line with our 61.8% Fibonacci retracement. The daily chart shows that price is now testing the key daily 0.92300 support level, in line with our 38.2% Fibonacci retracement and 127.2% Fibonacci extension. We could see a short-term bounce before the price continues with bearish momentum.

On the H4 chart, we can see that price is now testing the key daily 0.92300 support level. The daily 0.92300 support level will be a key intraday level to watch. We note that Stochastics has just bounced from the 3.43 level where it has reacted off of before. We could potentially see a short-term bounce before the price continues with bearish momentum towards the downside. Should price break and close below the daily 0.92300 support, we could see it swing further towards the weekly 0.89800 support level, in line with 78.6% Fibonacci retracement.

Areas of consideration:

  • The daily 0.92300 support level is a key intraday level to watch
  • Failure to hold above the key support level may see a price swing towards the next 0.89800 weekly support.

Dow Jones Industrial Average

On the weekly chart, the price made a new all-time high, pushing towards 34600 resistance. A weekly close below 34600 resistance could see a short-term pullback and long-term traders looking to short, may add to their shorts below 34600. On the Daily, we see price drifting higher, with technical indicators continue to showroom for further bullish upside. Buyers could possibly look to add to their longs on any price pullbacks with the possible target at 34600 weekly resistance. However, this upside towards our weekly resistance seems limited.

On the H4, the price surpassed previous resistance and made a new all-time high. With technical indicators showing room for further bullish momentum, we expect a medium probability scenario where 33350 support is the level buyers could possibly enter with their longs to push the price towards 34600 weekly resistance as a possible target. Otherwise, failure to hold above 33350 should see the price fall towards 32345.

Areas of consideration:

  • H4 33350 support to hold for a further rise in price
  • Long-term indicators showroom for further bullish upside.

XAU/USD (GOLD)

On the weekly timeframe, gold is testing 1765 resistance.  With price still holding below the long-term moving average, a weekly close below this resistance will see a medium probability drop towards 1670 support. On the daily chart, the price is approaching 1765 weekly resistance as well. We see a possibility where sellers in the neighborhood could come in and add to their shorts. Otherwise, a break and close above 1765 resistance could see the price swing towards 1845 resistance.

On the H4 timeframe, price pushed higher, surpassing previous resistances. Technical indicators on the H4 show room for further bullish upside. Buyers could possibly add to their longs on any pullbacks above 1740 support with a limited upside target at 1765 weekly resistance. Otherwise, an intraday break and close below 1740 support could see price drop lower towards 1720 support next.

Areas of consideration:

  • 1765 long term resistance to watch
  • H4 1740 support to watch intraday

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