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14th April 2021: Forex Stocks Crypto Commodities Markets Review

14th April 2021: Forex Stocks Crypto Commodities Markets Review

14.04.2021

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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 approaching our resistance at 1.19800 where we could see a reversal below this level to our next support target at 1.18640.

Areas of consideration:

  • 19800 resistance area found on the H4 time frame
  • 18640 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 could see limited downside before 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 resistance level at 1.38200 where we could see a reversal below this level to our support target at 1.36800.

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 have pushed away from the 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, as expected, the price has reversed from 78.6% Fibonacci retracement at 0.76314, and the target for that bearish move will be at -27% Fibonacci retracement has been reached at 0.75843. Currently, we can see a bullish move where a long position can be considered if the price pulls back towards the 78.6% Fibonacci retracement at 0.76200, and the target being the -27% Fibonacci retracement at 0.76643, within touching distance of previous swing high resistance.

Areas of consideration:

  • H4 showing bullish momentum prices might pull back towards 0.762 before bouncing from there.
  • 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 and horizontal pullback support in line with 161.8% Fibonacci extension and 50% Fibonacci retracement.

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 weak bearish momentum and is currently testing the descending trendline resistance drawn from 30 March (2020). It is worth noting that the price has been bearish since. On the daily chart, we are seeing a similar move where price has pushed away from the descending trendline, in line with 61.8% Fibonacci retracement, where we may see a push towards the 1.25 level, in line with -27% Fibonacci retracement.

On the H4, as expected, the price has reversed from the 78.6% Fibonacci retracement level at 1.25864. And is currently testing the previous low, where we may either see a push up towards the 1.26 major level, with previous high and 61.8% Fibonacci retracement in line with it. Or continue its push towards the level of 1.25063, in line with -27% Fibonacci retracement, in line with previous swing low support.

Areas of consideration:

  • The weekly and daily time frame shows bearish momentum
  • H4 shows price finding support at previous low may push down towards Support level at 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 has broken below the key daily 0.92300 support-turned-resistance. We could potentially see further downside from here towards the next daily 0.89800 support level

On the H4 chart, we can see that price has made a clear break and close below the key daily 0.92300 support level. We note that the price is also holding below the Ichimoku cloud after breaking below the ascending trendline support. We could potentially see it swing further towards the weekly 0.89800 support level, in line with 78.6% Fibonacci retracement. Otherwise, the price could make a pullback to retest the daily 0.92300 support-turned-resistance before pushing lower.

Areas of consideration:

  • Price broke below the daily 0.92300 support level
  • We could potentially 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 still continues to trade sideways. With technical indicators still 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 testing and holding below 1765 weekly resistance. 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, the price pushed higher overnight and is currently holding between 1765 daily resistance and 1728 support. With no good risk to reward ratio, we prefer to stay neutral and watch how the price would form before taking any further directional bias. We note however that technical indicators on the H4 are still showing slight bullish momentum in the markets.

Areas of consideration:

  • 1765 long term resistance to watch
  • No good levels for entry on the H4

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