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23th March 2021: Forex Stocks Crypto Commodities Markets Review

23th March 2021: Forex Stocks Crypto Commodities Markets Review

24.03.2021

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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 graphical resistance where we could see a  further drop below this level to our support target at 1.18705, in line with the graphical swing low support level and 78.6% Fibonacci retracement.

Areas of consideration:

  • 19861 resistance area found on the H4 time frame
  • 18705 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. Both time frames echo the same view that we could see a further downside before prices reach our daily support target at 1.37500.

On the H4 timeframe, prices are facing bullish pressure from our support at 1.38055, in line with our graphical support area, 100% Fibonacci extension, and 61.8% Fibonacci retracement where we could see a bounce above this level to our next resistance target at 1.40000.  However, keeping in mind that we could be seeing a bigger pullback before prices reach our daily support target at 1.37500, a break below our H4 support level at 1.38055 could see a further push down to test our next support level at 1.37500, which is also in line with the 78.6% Fibonacci retracement.

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), and has retested that level. We may see a short-term halt to this bullish momentum.

On the Daily timeframe, the price has closed up the gap that was opened on 22nd March where we may potentially see a head and shoulder pattern if the price completes the move towards the neckline at 0.76221. Lastly, on the H4, we see price reversed from 38.2% and 78.6% Fibonacci retracement levels, the price may push lower and find support at 0.767 level where the 78.6%, -27%, and -61.8% Fibonacci retracement confluence are.

Areas of consideration:

  • H4 showing bearish momentum and may find support at 0.767.
  • Daily time frame showing the possible head and shoulder formation.
  • Weekly retested ascending trendline support turned-resistance where bearish momentum may come into play.

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 face resistance from descending trendline resistance as well as horizontal swing high resistance which coincides with 78.% Fibonacci extension and 161.8% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices.

Areas of consideration:

  • On the H4, prices might face resistance from 109.264 which is a horizontal swing high resistance and 78.6% Fibonacci extension, and 161.8% Fibonacci extension
  • 117 is a possible downside target

USD/CAD

Looking at the weekly chart, the price has pushed lower and showed a reversal at 1.23749, where the Fibonacci confluences are. Price may return to the descending trend line. In the daily time frame, we see a pullback from the recent bearish move after tapping on the weekly support level at 1.23789.

Price has broken above the horizontal graphical overlap at 1.25034, in line with the 38.2% Fibonacci retracement level. We may see a continuation of this short-term bullish momentum towards 1.26292, in line with 78.6% Fibonacci retracement. Lastly, on H4, the price has trended within 61.8% Fibonacci retracement and our target of 1.25279 where the 127% and 78.6% Fibonacci retracement is. If the price manages to break above our target, we may see a further push towards the second target of 1.25719 where 161.8%, 127%, -27% Fibonacci retracement are.

Areas of consideration:

  • H4 may push further up north towards 1.25719
  • Daily and weekly time frames are both showing short-term bullish momentum.

USD/CHF

USD/CHF is showing a pullback on the weekly chart as it continues to hold below the descending trendline and weekly 0.95000 resistance level, in line with our 61.8% Fibonacci retracement. The daily chart shows that price has dropped to retest the 0.92300 support level, which is in line with our 61.8% Fibonacci extension level. The daily 0.92300 support level will be an important level to watch.

On the H4 chart, we see that price managed to hold above the daily 0.93200 support level, in line with our 61.8% and 78.6% Fibonacci extension levels. The daily 0.92300 support level is an important level to watch closely. Should price continue to hold above this level, we could see it bounce and push higher to test the 0.93800 resistance, in line with our 61.8% Fibonacci extension and horizontal swing high resistance. Otherwise, a break and close below the daily 0.92300 support level could see price swing towards the next 0.90800 support level instead.

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.
  • A break and close below the 0.92300 support level could see price swing towards the 0.90800 support instead.

Dow Jones Industrial Average

On the weekly chart, the price continues to hold between 31190 support and 34600 resistance. Traders should continue watching these two long-term levels. On the Daily, we see price pulling back, however 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 continues to hold above 32148 support. We note that the moving average indicator still shows room for further bullish upside. An intraday bounce 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:

  • Watch short term H4 support at 32148

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 price holding below 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 holding above testing ascending trendline support at the 1726 support level. We note that technical indicators, moving average, and MACD are both showing room for further upside. A further push up towards weekly and daily resistance at 1774 could be possible. Otherwise, failure to hold above 1726 support could see price drop deeper towards the 1699 level

Areas of consideration:

  • Watch closely 1726 support on the H4
  • Short term H4 technical indicators showing room for further upside

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