22/07/2021
Technical Analysis today, July 22, 2021
EUR/USD INTRADAY NEUTRAL
PIVOT POINT: 1.1783
RESISTANCE LEVEL 1: 1.1814 RESISTANCE LEVEL 2: 1.1835 RESISTANCE LEVEL 3: 1.1867
SUPPORT LEVEL 1: 1.1761 SUPPORT LEVEL 2: 1.1730 SUPPORT LEVEL 3: 1.1709
Analysis:
Euro edged higher for the day but closed around daily pivot. For future trading references, if the trend can return bullish then the resistance of 1.1814 could be broken and push the price up to 1.1835. However, if the downward trend comes back then the support of 1.1761 may falter, which could pull the price lower to 1.1730.
USD/JPY- BULLISH
PIVOT POINT: 110.15
RESISTANCE LEVEL 1: 110.51 RESISTANCE LEVEL 2: 110.74 RESISTANCE LEVEL 3: 111.11
SUPPORT LEVEL 1: 109.92 SUPPORT LEVEL 2: 109.53 SUPPORT LEVEL 3: 109.32
Analysis:
The USDJPY rebounded from earlier losses and closed around second resistance. If the bullish momentum gathers again, then the pair might push to the first resistance of 110.51 and extend further to 110.74. However, if the bear strikes then the pair could fall to 109.92 and possibly break the second support level of 109.53.
GBP/USD INTRADAY BULLISH
PIVOT POINT: 1.3673
RESISTANCE LEVEL 1: 1.3757 RESISTANCE LEVEL 2: 1.3805 RESISTANCE LEVEL 3: 1.3889
SUPPORT LEVEL 1: 1.3625 SUPPORT LEVEL 2: 1.3542 SUPPORT LEVEL 3: 1.3493
Analysis:
The GBPUSD closed above the first resistance level. If the trend turns bullish, then the pair may recover to 1.3757 and go on to test the next resistance level of 1.3805. Alternatively, if the bearish trend strikes the pair could fall towards 1.3625 level and head further lower to 1.3542.
AUD/USD- NEUTRAL
PIVOT POINT: 0.7335
RESISTANCE LEVEL 1: 0.7383 RESISTANCE LEVEL 2: 0.7409 RESISTANCE LEVEL 3: 0.7456
SUPPORT LEVEL 1: 0.7309 SUPPORT LEVEL 2: 0.7262 SUPPORT LEVEL 3: 0.7236
Analysis:
Aussie reversed losses. If the bearish trend stays, then the support level 0.7309 might not hold and causing the pair to fall further to 0.7262. However, if the bullish momentum gathered, then the first resistance level of 0.7383 may be broken and gains could possibly extend to 0.7409.
NZD/USD- BULLISH
PIVOT POINT: 0.6946
RESISTANCE LEVEL 1: 0.6999 RESISTANCE LEVEL 2: 0.7029 RESISTANCE LEVEL 3: 0.7082
SUPPORT LEVEL 1: 0.6916 SUPPORT LEVEL 2: 0.6863 SUPPORT LEVEL 3: 0.6833
Analysis:
Kiwi closed slightly above first resistance level. If the pair keeps going upward, then it may recover towards the first resistance level of 0.6999 and test the second resistance level of 0.7029. Alternatively, if the bearish momentum rises, the support level 0.6916 may be tested which may pull the prices lower towards 0.6863.
USD/CHF- NEUTRAL
PIVOT POINT: 0.9191
RESISTANCE LEVEL 1: 0.9214 RESISTANCE LEVEL 2: 0.9253 RESISTANCE LEVEL 3: 0.9275
SUPPORT LEVEL 1: 0.9152 SUPPORT LEVEL 2: 0.9130 SUPPORT LEVEL 3: 0.9091
Analysis:
USDCHF traded within a narrow range, still looking sideways. For a bullish trend to come back, the first resistance level of 0.9214 needs to be broken, which could allow the pair to push higher to 0.9253. If bearish momentum Is gathered and pulls the pair down to 0.9152 then it may plummet to 0.9130.
USD/CAD- BEARISH
PIVOT POINT: 1.2605
RESISTANCE LEVEL 1: 1.2685 RESISTANCE LEVEL 2: 1.2809 RESISTANCE LEVEL 3: 1.2890
SUPPORT LEVEL 1: 1.2481 SUPPORT LEVEL 2: 1.2400 SUPPORT LEVEL 3: 1.2276
Analysis:
USDCAD tested the third support level. For future trading references, if the pair retreats, 1.2481 may be broken and we may see the pair plummet towards the 1.2400 region. For a bullish trend to emerge, the resistance of 1.2685 could be broken which can take the pair higher and to 1.2809.
DOW JONES INDEX BULLISH
PIVOT POINT: 34727
RESISTANCE LEVEL 1: 34971 RESISTANCE LEVEL 2: 35095 RESISTANCE LEVEL 3: 35339
SUPPORT LEVEL 1: 34603 SUPPORT LEVEL 2: 34359 SUPPORT LEVEL 3: 34234
Analysis:
The Dow Jones heads higher after recovering from a bearish trend. For future trading reference, if the bullish trend stays, the index could break the resistance level of 34971 and rise further to 35095. Alternatively, if it falls through the support level of 34603, then the second support level of 34359 could be broken.
GOLD SPOT- NEUTRAL
PIVOT POINT: 1803
RESISTANCE LEVEL 1: 1813 RESISTANCE LEVEL 2: 1823 RESISTANCE LEVEL 3: 1832
SUPPORT LEVEL 1: 1794 SUPPORT LEVEL 2: 1784 SUPPORT LEVEL 3: 1775
Analysis:
The precious metal traded within a wide range again, it holds within 1800 regions. If the trend turns bullish, then gold could push higher to 1813 and possibly testing the second resistance level of 1823. However, if the bears gain momentum gold could fall through the first support of 1794, then it might adjust to the second support of 1784.
CRUDE OIL INTRADAY BULLISH
PIVOT POINT: 68.92
RESISTANCE LEVEL 1: 71.49 RESISTANCE LEVEL 2: 72.94 RESISTANCE LEVEL 3: 75.49
SUPPORT LEVEL 1: 67.49 SUPPORT LEVEL 2: 64.92 SUPPORT LEVEL 3: 63.49
Analysis:
Crude oil restores back to $70 level and appears a bullish trend. If the trend returns bearish, then oil may slide to 67.49 and continue to proceed lower to 64.92. On the other hand, if the bullish forges ahead, then the resistance level of 71.49 could be broken and bulls may push higher to 72.94.