Weekly Preview: Technical analysis on USDJPY, GBPUSD, USDCNH, XAUUSD, WTI, SPX
Market Analysis - | 10 Feb 2020
This week, safe haven currencies, as well as Gold, could continue to benefit from the risk aversion as the death toll of the coronavirus surpassed 900 people. Meanwhile, commodity currencies took a back seat with the AUD and NZD recording the largest decline as fears of the Coronavirus and its impact on the global economy mount. The Coronavirus has killed more than 900 people, exceeding the global death toll from the SARS outbreak almost 20 years ago. China has pledged at least $10 billion to control the coronavirus outbreak and is reaching out for medical supplies as the first wave of international experts head to the disease’s epicentre.
Price is facing bearish pressure from our first resistance where we could see a further drop below this level to our first support level. Stochastic is showing signs of overbought as well.
USD/JPY Chart, Source: TradingView.com
Price is facing bearish pressure from our first resistance where we could see a drop below this level to our first support level. Ichimoku is showing signs of bearish pressure as well.
GBP/USD Chart, Source: TradingView.com
Price is facing bearish pressure from our first resistance where we could see a drop below this level to our first support level. Stochastic is showing signs of overbought as well.
USD/CNH Chart, Source: TradingView.com
Price is facing bullish pressure from our Ichimoku cloud and our 20 EMA. We remain bullish above our first support level and could see a further push up to our first resistance level.
SPX Chart, Source: TradingView.com
Price approached and tested 1st support zone at around 1539.83 before reacting off with a bounce. Limited upside potential noted as price could possibly drift higher towards the 1st resistance level at 1592.06. Technical indicators are bullish as well with price above moving average and RSI above support.
XAU/USD Chart, Source: TradingView.com
CURRENCY: WTIUSD (USOIL)
Price holding between 1st support at 47.66 and 1st resistance at 54.35. With technical indicators showing mixed signals price should continue to move sideways or show very limited downside potential.
WTI/USD Chart, Source: TradingView.com
The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.
Market Analysis - 7 Min Read
Asia Open: Stocks react to increased likelihood of longer lockdowns
Stephen Innes | 01 Apr 2020
Amidst unprecedented economic devastation, forecasting guessing games weigh on sentiment and Saudi Arabia makes good on oil war threats.
Market Analysis - 3 Min Read
London Open: US economic bridge no shelter from “very painful” weeks ahead
Stephen Innes | 01 Apr 2020
“Very painful” weeks ahead for USA; more China stimulus on the way as manufacturing sector feels the pressure; Saudi Arabian oil set to flood market.