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25th March 2021: Forex Stocks Crypto Commodities Markets Review

25th March 2021: Forex Stocks Crypto Commodities Markets Review

26.03.2021

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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 1.18365, in line with the graphical resistance where we could see a  further drop below this level to our support target at 1.17800, in line with the level found on the daily time frame.

Areas of consideration:

  • 18365 resistance area found on the H4 time frame
  • 17800 support area found on the H4 time frame

GBP/USD

Looking at the weekly and daily chart, we can see that prices could see a further downside before it reaches our support area at 1.35000, in line with the graphical support area and 38.2% Fibonacci retracement. On the daily time frame, prices are facing bearish pressure from our resistance at 1.37500 as well, in line with our graphical resistance area and 23.6% Fibonacci retracement.

On the H4 timeframe, prices are facing bearish pressure from our resistance at 1.37500 as well, in line with our graphical resistance area and 23.6% Fibonacci retracement where we could see a further downside below this level to our H4 support target at 1.35800, in line with the graphical swing low support area.

Areas of consideration:

  • 37500 resistance area found on the H4 time frame
  • 35800 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. Currently, the price has pushed away from the trendline resistance and is testing the 38.2% Fibonacci retracement taken 2nd Nov (2020) swing low, to 22nd Fed (2021) swing high, if price manages to close beneath we may potentially see a stronger drop towards the 61.8% Fibonacci retracement level.

On the Daily timeframe, we are seeing a complete head and shoulder pattern as price completes the move towards the neckline at 0.76221, where we could expect a further pushdown. Lastly, on the H4, we see the price approaching the level of 0.761, in line with 61.8% Fibonacci retracement as well as extension level. If the price manages to reverse from this area, we may see a push down towards the Weekly and Daily support, in line with the 161.8% Fibonacci retracement level where 0.75556 is.

Areas of consideration:

  • H4 showing bearish momentum and may find support at 0.75556
  • The daily time frame showed a complete bearish head and shoulder pattern.
  • Weekly time shows price reversed from trendline resistance area. 

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 out from descending trendline resistance. Prices might take support from horizontal swing low support which is in line with 50% Fibonacci extension and 161.8% Fibonacci retracement. Stochastics is also facing support from the 13.44 level.

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
  • 469 possible entry point

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 line with 78.6% Fibonacci retracement level at 1.26565.

In the daily time frame, we are seeing a similar move towards the upside where the weekly resistance is in line with the daily 100% Fibonacci extension level. Lastly, on H4, the price has reversed and shown a pullback towards 61.8% Fibonacci retracement at 1.2554, where may see a further push upwards towards the Daily resistance and 100% Fibonacci extension at the level 1.26292.

Areas of consideration:

  • H4 may push further up north towards 1.26292.
  • Daily and weekly time frames are both showing short-term bullish momentum.

USD/CHF

USD/CHF continues to push higher and approach the weekly descending trendline and weekly 0.95000 resistance level, in line with our 61.8% Fibonacci retracement. The daily chart shows a bounce and further rise from the 0.92300 support level, which is in line with our 78.6% Fibonacci extension level, towards our weekly 0.95000 resistance level.

On the H4 chart, we see that price is approaching the 0.93800 resistance level, which is in line with our 61.8% Fibonacci extension and horizontal swing high resistance. We note that the Stochastic indicator is testing the upper resistance level at 94.53 where it has reacted off before. We could potentially see a reversal at the 0.93800 resistance level and further downside towards the 0.92300 support level again. Otherwise, should the price break and close above the 0.93800 resistance level, we could see it push higher to test the weekly 0.95000 resistance.

Areas of consideration:

  • Price bounced at 0.92300 daily support and is now rising to test the 0.93800 resistance.
  • The 0.93800 resistance level is an important level to watch.

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 dropped lower and is coming close to 32148 support. Price is still holding above moving average and the 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
  • Price still holding above moving average on both short term H4 and long term weekly timeframes

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 drifting sideways whilst holding below 1774 resistance. A limited push up to test 1774 resistance could be likely. However, as long as 1774 resistance is not broken, sellers can watch for opportunities to sell on further rise.

On the 4H timeframe, the price tested and reacted above 1726 support level. With stochastic coming close to testing support where price bounced in the past, we see a low probability bullish scenario whereby 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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