Technical Analysis – Weekly Market Outlook 14 – 18 September 2020

By | Weekly Analysis | No Comments

CFD: S&P 500 Index

S&P 500 extends its corrective setback and we see a bounce on key level support at 3.82 fibo major cycle targeting price to move back towards uptrend channel
Technically on our weekly mapping, price hold steady above major key level support and expecting this week price correction before a change of trend towards bulls

Cryptocurrency: BTCUSD – BITCOIN

Bulls strike back, price steady moving above $10k with price confirm its move towards inside channel nearing median key resistance level
Targeting next level a break above median resistance could bring price heads towards $11k upper line key resistance level

CFD: WTI – US Oil

Price is on consolidation trend and looking to drop further to retest key level support fibo 3.82 with our weekly mapping price is trading below median resistance indicates strong bearish in control
Current global sentiment with Iran, coronavirus on Europe is rising and this week OPEC meeting could drive black gold to drop further lower as sellers in control

CFD: DXY – US Dollar Index

Technically, Friday’s candle close below resistance key level & pricing is still pointing towards downtrend channel (Weekly mapping) see link related to ideas
We are still looking at choppy trading which is still trade below 94.00, price also made reversal on 2.618 fibo resistance key level on a downtrend channel

Trend is strong bearish and current consolidation looking for direction but anyhow on the longer timeframe we are expecting price to move lower towards median key level support on our weekly charting unless price break above 94.00 then indicates confirmation on new trend towards bullish

CFD: XAUUSD – SPOT GOLD

Trend is clearly on a range, looking for direction & downside seems limited after reversal last week hit lower line key level support
Bull trend fight back and move towards median line , price steady around $1950 and technically we are expecting trend to complete it cycle towards upper line key resistance level this week

FOREX: EURUSD

Price made reversal and several attempt on strong key level support lower line and currently steady around median line trading at around 1.1850, holding up its gains.
This week markets are optimistic about a coronavirus vaccine and shrugging off rising European cases. Investors await EZ figures and the FOMC Fed rate decision.
We are targeting price to hit towards upper line resistance key level and bullish trend still in intact although price is on a range/consolidation looking for fresh direction

FOREX: GBPUSD

Technically view, price is entering into channel trading above 1.28 after consolidation dan made reversal on key level fibo support 1.618
Daily mapping view price hit towards major key level support and we are expecting price to re bounce this week, rising amid market optimism and ahead of a critical debate in parliament. MPs will discuss a controversial deal that violates the Brexit accord with the EU

FOREX: AUDUSD

Price stuck in a range below 0.73000 and looking retesting below key level resistance, a break above could bring this pair towards median line resistance back to previous high 0.74000
Clearly AUD/USD pair lacked any firm directional bias and remained confined in a narrow trading band, Price would drop further lower with current trend which showing trade out of the box setup if price unable to push above uptrend channel with current situation the US Dollar remain strong

FOREX: USDJPY

USD/JPY remains on the defensive amid a weaker tone surrounding the greenback near 106.00 mark
Doubts about the US fiscal stimulus measures kept the USD bulls on the defensive. The risk-on mood undermined the safe-haven JPY and helped limit the downside.
Technically, price is currently hovering below median resistance key level looking to further drop towards lower line key level support

FOREX: USDCAD

Price is currently above the channel and consolidating, we are looking at out of the box setup and high probabilities bullish trend amid of current situation with US OIL WTI dropping further lower
Technically, market structure is bullish formation and we are targeting price to move towards fibo resistance 2.618 for another retest at this area

Technical Analysis – Weekly Market Outlook 7 – 11 September 2020

By | Weekly Analysis

CFD: S&P 500 Index

Price is holding strong bounce back towards inside channel lower line key level support and technically we are looking at uptrend channel
Targeting price to climb back and moving towards median line resistance level

Cryptocurrency: BTCUSD – BITCOIN

Price to drop further lower as price breaking below the key level support lower line.
Confirmation of trading out of the box and targeting to retest key level support below $9,000 towards $8,500

CFD: WTI – US Oil

Trend is strong bearish after a fall below $40 per barrel and we are looking at a further drop towards fibo 3.82 key level support

CFD: DXY – US Dollar Index

US Dollar remain strong & closed the week with gains against most major rivals, last Friday NFP US employment figures recovered 1.37 million jobs in August.
Unemployment rate improved to 8.4% better than previous 10.2% and Labor Force Participation Rate increased by 61.7%.

Technically, price is entering into uptrend channel pitchfork and short-term trend is bullish , targeting price movement would head towards median line key resistance level for another retest.
We are still looking at long-term range trading at the moment.

CFD: XAUUSD – SPOT GOLD

Price is breaking out of the line and we are looking at continuation of bearish trend towards fibo key level support 3.82
Trend is on the sideline but high probability opportunities price to further drop lower if fail to climb above the uptrend pitchfork channel

FOREX: EURUSD

We are looking at price to break further lower as trend is showing out of the box pattern a reversal of trend towards bearish
Targeting price to hit and retest key level support around 2.618 fibo 1.17500

FOREX: GBPUSD

Price is getting out from the box and looking at strong bearish trend towards to retest key level support at 2.618 fibo
Current strong US Dollar comeback would take

Technical Analysis – Intraday – 3 September 2020 – Thursday

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CFD: S&P 500 Index

Position: Short
Take Profit: 3550.0
Stop Loss: 3590.0

Cryptocurrencies: BTCUSD – BITCOIN

Position: Long
Take Profit: 11600.00
Stop Loss: 11200.00

CFD: WTI – US Oil

Position: Long
Take Profit: 41.40
Stop Loss: 40.60

CFD: DXY – US Dollar Index

Position: Short
Take Profit: 92.60
Stop Loss: 93.20

CFD: XAUUSD – SPOT GOLD

Position: Long
Take Profit: 1960.000
Stop Loss: 1920.000

FOREX: EURUSD

Position: Long
Take Profit: 1.18500
Stop Loss: 1.17800

FOREX: GBPUSD

Position: Long
Take Profit: 1.33600
Stop Loss: 1.32700

FOREX: AUDUSD

Position: Long
Take Profit: 0.73400
Stop Loss: 0.73000

FOREX: USDJPY

Position: Short
Take Profit: 106.100
Stop Loss: 106.400

FOREX: USDCAD

Position: Short
Take Profit: 1.30700
Stop Loss: 1.31000

Technical Analysis – Intraday – 2 September 2020 – Wednesday

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CFD: S&P 500 Index

Position: Long
Take Profit: 3570.0
Stop Loss: 3540.0

Cryptocurrencies: BTCUSD – BITCOIN

Position: Long
Take Profit: 11700.00
Stop Loss: 11100.00

CFD: WTI – US Oil

Position: Long
Take Profit: 43.40
Stop Loss: 42.70

CFD: DXY – US Dollar Index

Position: Short
Take Profit: 91.40
Stop Loss: 92.50

CFD: XAUUSD – SPOT GOLD

Position: Long
Take Profit: 1989.000
Stop Loss: 1955.000

FOREX: EURUSD

Position: Long
Take Profit: 1.19200
Stop Loss: 1.18200

FOREX: GBPUSD

Position: Long
Take Profit: 1.34000
Stop Loss: 1.33000

FOREX: AUDUSD

Position: Long
Take Profit: 0.73800
Stop Loss: 0.73100

FOREX: USDJPY

Position: Short
Take Profit: 105.800
Stop Loss: 106.400

FOREX: USDCAD

Position: Short
Take Profit: 1.30000
Stop Loss: 1.30900