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16th April 2021: Forex Stocks Crypto Commodities Markets Review

16th April 2021: Forex Stocks Crypto Commodities Markets Review

16.04.2021

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EUR/USD

Looking at the weekly chart, we can see that prices are facing bearish pressure from our resistance at 1.2000 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:

  • 20000 resistance area found on the H4 time frame
  • 18771 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 the previous swing low of 0.75571 and are pushing upwards towards the 61.8% Fibonacci retracement level at 0.78203. Prices are taking support from 0.75571 which is horizontal pullback support and beneath it is the next support level of 0.74063  in line with -27%, 61.8% Fibonacci retracement, and 161.8% Fibonacci extension.

On the daily time frame, the price has broken and retested the resistance-turned-support at 0.77286 in line with -27%, 61.8% Fibonacci retracement, and horizontal graphical overlap. From here we may see a reaction pushing upwards to 0.77822, in line with the 78.6% Fibonacci level. On the H4, the price has managed to break past previous swing high resistance now turned-support. We are seeing a clearer break and retest of the level 0.77292, where we may potentially see a push towards the 0.77807 level in line with Daily resistance and 88.6% Fibonacci extension.

Areas of consideration:

  • H4 showing bullish momentum prices might push towards 0.77807
  • Daily time frame showing that prices tested and close beneath the resistance area
  • The weekly time frame shows a bounce from the previous swing low

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 are pushing down to take support on ascending trendline support and horizontal pullback support in line with 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 daily support level in line with horizontal swing low support which coincides with 127.2% 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 bearish momentum and may push towards the previous swing low support at 1.23749, in line with -27% Fibonacci retracement and 61.8% Fibonacci extension. On the daily chart, we see the price came close to the 1.24733 level in line with the 61.8% Fibonacci retracement level before bouncing back towards the descending trendline. Using recent price moves we found confluence between the descending trendline and 61.8% Fibonacci retracement at 1.25699 level.

On the H4, as expected, the price continued its bearish momentum and found support near 1.24740, in line with Daily support, 127% Fibonacci retracement, and 100% Fibonacci extension. It is currently showing a pullback testing the 1.2555 level in line with 78.6% Fibonacci retracement. If the price pushes down from here we may see it returning to previous support zones. However, if this level is broken, we might see a push upwards to the Daily resistance.

Areas of consideration:

  • The weekly and daily time frame shows bearish momentum
  • On H4, the price may be reversed from 78.6% Fibonacci retracement and push down towards a 1.25 major level.

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 is now pulling back to retest the 0.92300 support-turned-resistance area, which is in line with our 23.6% and 61.8% Fibonacci retracement. We note that price is also holding below the Ichimoku cloud after breaking below the ascending trendline support, showing bearish pressure in line with our bearish bias. We could potentially see it reverse and swing further towards the weekly 0.89800 support level, in line with 78.6% Fibonacci retracement.

Areas of consideration:

  • Price broke below the daily 0.92300 support-turned-resistance level and is now pulling back to retest it.
  • We could potentially see the price reverse and 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 pushed higher, achieving a new all-time high. 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 and short 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 is testing 1765 daily resistance. This resistance looks very fragile and could easily be surpassed today. A break and close above 1765 could see price rise further towards 1797. Otherwise, a close below 1765 could see the price drop back towards 1747. Technical indicators on the H4 are bullish as well.

Areas of consideration:

  • 1765 long term resistance is fragile

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