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5th April 2021: Forex Stocks Crypto Commodities Markets Review

5th April 2021: Forex Stocks Crypto Commodities Markets Review

05.04.2021

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EUR/USD

Looking at the weekly chart, we can see that prices could see limited downside before it reaches our support target at 1.16200, which coincides with 38.2% Fibonacci retracement. The daily time frame echoes the same bearish view, as well as prices, are facing bearish resistance from our resistance level at 1.18500 in line with our 23.6%, 50% Fibonacci retracement where we could see a further downside below this level to our next support target at 1.16200, which is in line with our horizontal swing low support.

On the H4 timeframe, prices are facing bearish pressure from our resistance level at 1.18500, in line with our graphical pullback resistance, 78.6% Fibonacci extension, and 38.2% Fibonacci retracement where we could see a further drop to our next support level at 1.17000.

Areas of consideration:

  • 18500 resistance area found on the H4 time frame
  • 17000 support area found on the H4 time frame

GBP/USD

Looking at the weekly and daily chart, we can see that prices could see limited 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 1.38800 as well, in line with our daily descending trend line, 38.2% Fibonacci retracement, and 100% Fibonacci extension.

On the H4 timeframe, prices are facing bearish pressure from our resistance at 1.38800, in line with our 61.8% Fibonacci retracement and 100% Fibonacci extension where we could see a further downside below this level to our H4 support target at 1.36800, in line with the graphical swing low support area.

Areas of consideration:

  • 38800 resistance area found on the H4 time frame
  • 36800 support area found on H4 timeframe

AUD/USD

From the Weekly timeframe, we can see that the price is trending under the ascending trendline support turned-resistance drawn from 9th March (2020). Currently, the price has pushed away from the trendline resistance and has closed under the 38.2% Fibonacci retracement, price may head lower towards the 61.8% Fibonacci retracement level.

On the Daily timeframe, we are seeing a complete bearish head and shoulder pattern after a tap on the 0.75556 level. Lastly, on the H4, the price has made a new lower low which tapped on the Weekly and Daily support before pushing back into the Daily resistance level where the price previously reversed off. It is currently testing the recent 61.8% Fibonacci retracement level at 0.76194 where we could potentially see a drop from here towards the previous -27% and current -61.8% Fibonacci retracement level near the previous swing low in line with Weekly and Daily support level at 0.75556.

Areas of consideration:

  • H4 showing bearish momentum and may find support at 0.75556
  • Daily time frame showing more room for the downside.
  • Weekly time shows price approaching previous 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 which is also the weekly resistance.

On the H4, prices are facing resistance from the daily resistance level of 110.978 which coincides with 100% Fibonacci extension and 50% Fibonacci retracement. Prices might push lower towards 109.342 which is our daily support level, in line with 61.8% Fibonacci retracement. Stochastics is also showing resistance towards the 97.92 level, anticipating a push down in prices.

Areas of consideration:

  • On the H4, prices might face resistance from 110.978 which is a daily resistance
  • 342 is a possible support level

USD/CAD

Looking at the weekly chart, the price has approached the level of 1.25958 in line with 61.8% Fibonacci retracement in line with Trendline resistance from 30 March (2020), and shown a push away from the trendline. From here, we may see a reversal towards the Previous swing low level at 1.23749. In the daily time frame, we see that price has closed beneath the level of resistance at 1.259 and as expected, has returned for a retest, thus we may look for more potential downside opportunities. Lastly, on H4, the price has approached and pushed away from the 1.259 level. Price is currently testing the 78.6% Fibonacci retracement level at 1.25862, where we may see a push past the previous low towards the 1.25 major level.

Areas of consideration:

  • H4 may drop towards 1.25 major level from Weekly and Daily resistance.
  • Daily and weekly time frames are showing long-term bearish momentum.

USD/CHF

USD/CHF is approaching the weekly trendline and 0.95000 resistances, in line with our 61.8% Fibonacci retracement. The daily chart is showing a further rise above the daily 0.92300 support level as the price approaches the key 0.95000 resistance level. We could potentially see price test the key weekly 0.95000 resistance level.

On the H4 chart, USD/CHF has shown a pullback to the 0.93800 resistance-turned-support area, which is an area of strong Fibonacci confluence, in line with 38.2% Fibonacci retracement and 61.8%, 161.8% Fibonacci extension levels. We note that the price continues to hold above the Ichimoku cloud, showing bullish pressure in line with our short-term bullish bias. We could potentially see a price rise to test the key weekly 0.95000 resistance level, in line with our -27.2% Fibonacci retracement and 100% Fibonacci extension. Otherwise, a break and close below the 0.93800 support could see the price drop further to the daily 0.92300 support.

Areas of consideration:

  • Price is approaching the key weekly 0.95000 resistance level.
  • Potential for limited upside above the 0.93800 resistance-turned-support.

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 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. Otherwise, failure to hold above 31190 could see price pullback towards weekly support at 29570.

On the H4, price traded sideways overnight. With long term and short term indicators still showing possible bullish momentum, a limited rise towards 33590 resistance could be likely, therefore sellers can consider selling on further strength below 33590 resistance to play a short term pullback towards 32148 support. Otherwise, a break above 33590 will see the price push higher towards weekly and daily resistance at 34600.

Areas of consideration:

  • H4 33590 resistance to watch out for
  • Long term and short term indicators showroom for further bullish upside

XAU/USD (GOLD)

On the weekly timeframe, gold is currently approaching 1765 resistance.  With price still holding below the long-term moving average and a drop towards 1670 support seems more likely. On the daily chart, the price is approaching 1765 weekly resistance as well. 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, bounced strongly and is coming back to test 1746 intraday resistance. With price still holding below the moving average, 1746 resistance could be a level for sellers to consider to add to their shorts with 1706 support as a possible downside target. Otherwise, a break above 1746 should see the price swing the other way towards the next resistance at 1765.

Areas of consideration:

  • 1746 intraday resistance to watch
  • 1765 long term resistance to watch

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