Daily Commodity Coverage: March 20, 2020

Daily Commodity Coverage: March 20, 2020

forex guide

USD/CAD

What happened previously?

USDCAD rallied and went past our 1st resistance. Our previous bearish call is still valid.

What can we expect? 

We are seeing price to reverse from 1st resistance at 1.47155 and there’s a overbought Stochastics providing support too. 1st support level is a confluence level of 1.113% Fibonacci extension, horizontal swing high resistance and 161.8% Fibonacci retracement.

 

UKOIL

What happened previously?

Market moved lower and retested our 1st support at 21.35. Prior support levels are not valid. 

What can we expect?

Our bullish view unchanged. We are seeing the price to retest the first  support now at 21.35 and is likely to bounce from there. Stochastics are reaching a new low at -0.12 which serve as a good support for price. If price drops past 1st support, it may drop till the 2nd support where the 100% Fibonacci extension stands.

 

XAUUSD

What happened previously?

As expected, the market bounced nicely at our highlighted support  at 1464.99.

What can we expect?

Our bias remains bullish. We are seeing prices to reach 1st support  at 1464.99 and likely to bounce further from there. Stochastics is also showing some bullish momentum for a bounce to happen. The 1st support happens to be where 61.8% Fibonacci retracement and horizontal swing low line up. 

 

XCUUSD

What happened previously?

Market moved lower towards 1st support. Price spiked to previous horizontal swing low at 1.93464 which formed our new support level.

What can we expect?

Our bullish view unchanged. We are seeing the price to bounce further from the 1st support at 1.93464. Stochastics are reaching a new low at 0.10 which serve as a good support for price. 1st support is a confluence level of a 61.8% Fibonacci retracement and 88% Fibonacci retracement.

 

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