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Daily Technical Analysis

  • GBP / USD
  • EUR / USD
  • AUD / USD
  • NZD / USD
  • USD / JPY
  • USD / CAD
  • EUR / GBP

British Pound Sterling v. US Dollar

Updated May 26, 2020 by Christopher Guzman

Current Sentiment:

Bullish

Daily Trading Range:

108 pips

Daily Chart

2-Hour Chart

Technical Analysis

GBP/USD is currently in a down Capital A-B boundary, with A at approx. 1.7191, B @ approx. 1.2789 and a maximum 23.6% retracement. Though this indicates upside potential back to the unfulfilled 38.2% @ 1.4470, the outbreak of the COVID-19 global pandemic has resulted in the GBP sliding to the lowest price against the USD since 1987. This has caused the creation of bearish sub-crowns, both on DLY and 2H, the implications of which remain to be seen. The sub-A’s have been taken out, which has led to fulfillment of new 38.2% upside targets @ around 1.2543, something we have been tracking for some time.

The DTR was also growing drastically on a day-by-day basis, but this seems to have tapered off some as initial shockwaves from the Covid-19 outbreak appear to be dissipating. (Though, this isn’t to say this won’t return should situation get worse and/or the global economic outlook become more bleak). 

Having now had both of my short and medium-term targets (DLY sub-38.2% and 2H 38.2%) hit, I am looking to remain cautiously Bullish, and will only be looking for short-term scalping opportunities, exclusively.

Daily Support & Resistance

Resistance 3
1.4376
Resistance 2
1.3998
Resistance 1
1.3617
Support 1
1.2768
Support 2
1.2195
Support 3
1.1958

GBP/USD Live Rate

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Euro Dollar v. US Dollar

Updated May 26, 2020 by Christopher Guzman

Current Sentiment:

Sideways

Daily Trading Range:

75 pips

Daily Chart

2-Hour Chart

Technical Analysis

EUR/USD is currently in an UP capital A-B boundary on the Daily, with A @ 0.9608, B @ 1.2810 and a 69.4% max. retracement @ 1.0340. Subs are down w/ < 38.2%, indicating plenty of upside potential. However, there is tremendous resistance (highlighted in red) and, with the presence of the downward channel on DLY, we are most likely to continue to fall back down to support @ the bottom of the range.

The COVID-19 global pandemic has put enough downward pressure to push this right back to Daily Support, which at least right now seems to be holding (though, we will have to wait and see if this is truly the case).

On 2-H, we also have a down capital A-B Boundary and we now also have the market producing a sub-crown, having taken out the sub-a @ 1.0879. There is a strong consolidation range which is present and has now confirmed resistance for a 6th time, indicating we’re likely to stay inside of this range. So, until the market breaks either support or resistance in the range, I am going to look to sell resistance and buy support.

Daily Support & Resistance

Resistance 3
1.1569
Resistance 2
1.1412
Resistance 1
1.1175
Support 1
1.1039
Support 2
1.0981
Support 3
1.0879

EUR/USD Live Rate

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Australian Dollar v. US Dollar

Updated May 26, 2020 by Christopher Guzman

Current Sentiment:

Bullish

Daily Trading Range:

76 pips

Daily Chart

2-Hour Chart

Technical Analysis

Though AUD/USD has been in a long-term overall sell-off, we are still sitting in a large capital up AB-Boundary on DLY w/ A @ 0.6006, B @ 0.9917 and a max. 86% retracement. Subs are down w/ a fulfilled 50%, but there is tremendous support at current market and the capital boundary carries more weight. 

2-HR is in a Down Cap AB, but with an unfulfilled 38.2% I am anticipating a rally back into the boundary in search of a deeper C. The advent of the global Covid-19 crisis has brought about a surge in dollar strength, as stocks, futures, and other markets continue to free-fall as a result of the ensuing panic. (Highlighting the inverse relationship). This has led to a massive sell-off on the Dollar secondary pairs, this one included. However, I am anticipating that support will hold and the technicals will start to push this back up again, especially now that this has led to a Bearish King’s Crown on the daily.

Daily Support & Resistance

Resistance 3
0.7295
Resistance 2
0.7205
Resistance 1
0.7082
Support 1
0.6754
Support 2
0.6670
Support 3
0.6298

AUD/USD LIVE Rate

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