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18th March 2021: Forex Stocks Crypto Commodities Markets Review

18th March 2021: Forex Stocks Crypto Commodities Markets Review

18.03.2021

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EUR/USD:

Looking at the weekly chart, we can see that prices broke our ascending trend line and key support-turned-resistance level at 1.20000, where we could see a further downside before prices reach the next support target at 1.17800, which coincides with 78.6% Fibonacci retracement. The daily time frame echoes the same bearish view as well and we could see a further downside below our resistance level at 1.2000, with 1.17800 as the next support target.

On the H4 timeframe, prices are facing bearish pressure from our resistance level at 1.19861, in line with the 50% Fibonacci retracement and graphical swing high resistance where we could see a  reversal below this level to our support target at 1.18919, in line with the graphical swing low support area.

Areas of consideration:

  • 19861 resistance area found on the H4 time frame
  • 18919 support area found on the H4 time frame

 

GBP/USD:

Looking at the weekly chart, we can see that prices are facing bullish pressure from our ascending trend line and weekly support area at 1.35000, in line with the graphical pullback support area and 38.2% Fibonacci retracement. On the daily time frame, prices are holding nicely above a key support area at 1.37500, which coincides with the 78.6% Fibonacci retracement, 61.8% Fibonacci extension, and ascending trend line.

On the H4 timeframe, prices are facing bullish pressure from our support at 1.38055, in line with our graphical support area, 78.6% Fibonacci extension, and 61.8% Fibonacci retracement where we could see a bounce above this level to our next resistance target at 1.40000.  A break above our resistance level at 1.40000 on the H4 time frame, in line with the 50% Fibonacci retracement could see a further push up to our next resistance target at 1.42000, in line with the graphical swing high resistance.

Areas of consideration:

  • 4000 resistance area found on the H4 time frame
  • 38055 support area found on H4 timeframe

 

AUD/USD:

From the Weekly timeframe, we can see that the price has broken the ascending trendline support turned-resistance drawn from 9th March (2020), where the current price is trending underneath. On the Daily timeframe, the price has broken above the level of 0.77880 where 78.6% Fibonacci retracement and 127% Fibonacci extension are. And the price is currently near testing the previous swing high level of 0.78381. Lastly, on the H4, the price has shown a strong 123 pips move towards the upside after tapping on major figure 0.77, and is now testing Daily resistance. We may see a pullback towards 0.77880 level in line with 38.2% Fibonacci retracement for a retest before the continuation of this bullish move.

Areas of consideration:

  • H4 showing bullish momentum and may find support at 0.77880.
  • Daily time frame showing bullish momentum where price closed above the previous high.
  • Weekly showed higher low created, signifying bullish trend.

 

USD/JPY

From the weekly timeframe, prices are taking support from ascending trendline support, facing resistance from horizontal swing high resistance which coincides with 100% Fibonacci extension and 78.6% Fibonacci retracement. In the daily time frame, prices are taking support from horizontal pullback support which coincides with 50% Fibonacci retracement and 78.6% Fibonacci retracement. In the H4 time frame, prices seem to break through the ascending trend line support, face resistance from horizontal swing high resistance which coincides with 61.8% Fibonacci extension and 127.2% Fibonacci retracement and pullback towards support on a weekly. Prices are below EMA, suggesting a bearish pressure for prices.

Areas of consideration:

  • On the H4, prices might pull back to 108.841 level which coincides with 100% Fibonacci extension and 127.2% Fibonacci retracement
  • 361 might be a possible reversal point

 

USD/CAD:

Looking at the weekly chart, the price has pushed lower and found support at 1.23749, where the Fibonacci confluences are. In the daily time frame, we see a very bearish and consistent move with long candle wicks signifying a balance of supply and demand during this move. Price has just tapped on the weekly support and we may see a short-term pull-back towards 1.24359 before dropping lower. Lastly, on H4, the price managed to pull back up towards the 61.8% Fibonacci retracement at 1.24768 before dropping lower towards the -27% Fibonacci retracement level, and also the -61.8% Fibonacci level at 1.23959, in line with the Fibonacci confluences as called from yesterday’s analysis. From here, we may expect some pullback onto the 61.8% Fibonacci extension at the 1.24136 level before dropping further towards daily support at 1.23238.

Areas of consideration:

  • H4 may pull-back towards 1.24136 before dropping towards 1.23238.
  • Daily and weekly time frames are both showing bearish momentum.

 

USD/CHF:

On the weekly chart, USD/CHF is showing a stronger pullback from the descending trendline and weekly 0.95000 resistance level, in line with our 61.8% Fibonacci retracement. On the daily chart, the price is testing the 0.92300 support level, in line with our 61.8% Fibonacci extension. The daily 0.92300 support level is an important level to watch and see if the price manages to hold above it.

On the H4 chart, we see that price is now testing the daily 0.92300 support level, which is in line with our 61.8% and 100% Fibonacci extension levels. We note that the Stochastic indicator is also approaching the 9.56 support level, where it has reacted off before. In this scenario, we could see price bounce and approach the 0.93800 resistance level, which is in line with our 61.8% Fibonacci extension. Otherwise, should price break and close below the 0.92300 support, we could see it swing towards the next support level at 0.90800 level instead, which is in line with our 61.8% Fibonacci retracement and 161.8% Fibonacci extension.

Areas of consideration:

  • 92300 support is an important level to watch on the H4 timeframe.
  • Price could bounce and push higher to test the 0.93800 resistance level.

 

Dow Jones Industrial Average:

On the weekly chart, the price pushed higher surpassing previous resistance and making new highs. A further push higher towards resistance at 34600 could be possible as long as the price holds above 31190 support. On the Daily, technical indicators continue to showroom for further bullish momentum. Buyers could possibly look to add to their longs on any price pullbacks with the possible target at 34600 weekly resistance. Otherwise, failure to hold above 31190 could see price pullback towards weekly support at 29570.

On the H4, the price pushed higher after the results of the FOMC meeting were announced. We note that moving average support and MACD indicator still shows room for further bullish upside. A limited intraday push up above 32148 support towards 33590 resistance could be possible. Otherwise, failure to hold above 32148 support could see price pullback towards 31190 weekly support.

Areas of consideration:

  • Technical indicators on daily and H4 confirm a room for further upside.

 

XAU/USD (GOLD):

On the weekly timeframe, gold is currently holding between 1774 resistance and 1670 support.  Long-term traders should continue to watch these two levels as a break of either will see price swing in that direction. However, we note that the price is still holding below the long-term moving average. On the daily chart, we see the price coming close to 1774 resistance. A limited push up to test 1774 resistance could be likely. As long as 1774 resistance is not broken, sellers can watch for opportunities to sell on further rise.

On the 4H timeframe price pushed higher and surpassed previous resistance and is also now holding above moving average. We see a medium probability bullish scenario where buyers can still buy on dips for a limited push up towards weekly resistance at 1774. Otherwise, a failure to hold above 1733 could see the price drop deeper towards 1699 support.

Areas of consideration:

  • Price approaching weekly resistance at 1774

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