Home / Blog / Market Analysis / Weekly Preview: Technical analysis on USDJPY, GBPUSD, USDCNH, XAUUSD, WTI, SPX 20200210

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.

CURRENCY: USDJPY

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

CURRENCY: GBPUSD

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

CURRENCY: USDCNH

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

CURRENCY: SPX

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

CURRENCY: XAUUSD

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.

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