EUR/USD Intraday August 20, 2020 key resistance at 1.1865. Pivot: 1.1865
Probable market moves: sell positions below 1.1865 with targets at 1.1830 & 1.1810 in extension.
Possible outcome: above 1.1865 look for further trending up with 1.1895 & 1.1915 as targets.
Additional observations: the RSI shows trending down momentum.
Gold Spot Intraday August 20, 2020
Gold spot Intraday: bounce. Pivot: 1924.00
Probable market moves: buy positions above 1924.00 with targets at 1965.00 & 1976.00 in extension.
Possible outcome: below 1924.00 look for further trending down with 1906.00 & 1893.00 as targets.
Additional observations: a support base at 1924.00 has formed and has allowed for a temporary stabilisation.
GBP/USD Intraday August 20, 2020
GBP/USD Intraday: under pressure. Pivot: 1.3125
Probable market moves: sell positions below 1.3125 with targets at 1.3070 & 1.3045 in extension.
Possible outcome: above 1.3125 look for further trending up with 1.3160 & 1.3190 as targets.
Additional observations: the RSI shows trending down momentum.
GBP/JPY Intraday August 20, 2020
GBP/JPY intraday: rebound towards 139.59 Our pivot point is at 138.70.
Probable market moves: rebound towards 139.59.
Possible outcome: the trending down breakout of 138.70 would call for 138.38 and 138.19.
Additional observations: the RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the pair is trading above its 20 MA (138.98) but under its 50 MA (139.27).
EUR/JPY Intraday August 20, 2020
EUR/JPY intraday: rebound Our pivot point stands at 125.40.
Probable market moves: rebound.
Possible outcome: the trending down breakout of 125.40 would call for 125.09 and 124.90.
Additional observations: the RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger more gains. Moreover, the pair stands above its 20 MA (125.63) but below its 50 MA (125.73).
EUR/GBP Intraday August 20, 2020
EUR/GBP intraday: the trending up prevails as buy as 0.9023 is support Our pivot point is at 0.9023.
Probable market moves: the trending up prevails as buy as 0.9023 is support.
Possible outcome: below 0.9023, expect 0.9002 and 0.8990.
Additional observations: the RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 0.9038 and 0.9028).
DAX Intraday August 20, 2020
Dax (U0) Intraday: the trending down prevails. Pivot: 12935.00
Probable market moves: sell positions below 12935.00 with targets at 12785.00 & 12720.00 in extension.
Possible outcome: above 12935.00 look for further trending up with 12990.00 & 13050.00 as targets.
Additional observations: the RSI advocates for further trending down.
BRENT Intraday August 20, 2020
Brent (V0) Intraday: consolidation in place. Pivot: 45.40
Probable market moves: sell positions below 45.40 with targets at 44.75 & 44.50 in extension.
Possible outcome: above 45.40 look for further trending up with 45.60 & 45.80 as targets.
Additional observations: as buy as 45.40 is resistance, look for choppy price action with a bearish sentiment.
The Dow closed lower on Tuesday as a result of the declines in Home Depot and Walmart. They went down although they posted better-than-expected quarterly results. Additionally, investors seem to be taking a break, as they are awaiting to see if the Democrats and Republicans can make further progress on another COVID-19 stimulus package, while also monitoring the U.S. and China tensions.
U.S Home Construction
U.S. home construction posted a seasonally-adjusted annual rate of 1.496 million home starts in July, up 22.6% from Jun and up 23.4% from year-ago levels marking a strong turnaround from this year’s COVID-19 stricken slump. The high-range close sets the stage for a steady to to slightly lower opening when Wednesday’s night session begins trading. Stochastics indicator and RSI are found in overbought areas, but remain neutral to bullish signaling that range-bound to higher prices are possible near-term.
If the Dow extends this month’s rally, February’s high crossing at 29,568.57 is the next upside target. Closes below the 50-day moving average crossing at 26,517.59 would confirm that a short-term top has been posted. Initial resistance is the 87% retracement level of the February-March-decline crossing at 28,090.26. The second resistance level is February’s high crossing at 29,568.57. First support is the 20-day moving average crossing at 27,142.21. Second support is the 50-day moving average crossing at 26,517.59.
NASDAQ 100
The September NASDAQ 100 posted an all-time high close on Tuesday, as it extended this year’s rally, still adding fuel to the discussion of decoupling between reality and fiction. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. If September extends the rally off March’s low into uncharted territory, upside targets will be hard to project. Closes below the 20-day MA crossing at 10,966.48 would confirm that a short-term top has been posted. First resistance is Today’s high crossing at 11,389.50. Second resistance is unknown. First support is the 20-day moving average crossing at 10,966.54. Second support is the 50-day moving average crossing at 10,549.49.
S&P 500
The September S&P 500 closed higher on Tuesday while posting a new intra-day all-time high of 3395.06. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above February’s high crossing at 3393.82 would open the door into uncharted territory. Closes below the 20-day MA crossing at 3302.59 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 3395.03. Second resistance is unknown. First support is the 20-day moving average crossing at 3302.59. Second support is the 50-day moving average crossing at 3197.34.
EUR/USD Intraday: the uptrend remains. Pivot: 1.1920
Probable development: Buy positions above 1.1920 with targets at 1.1965 & 1.1985 in extension.
Less likely but possible: below 1.1920 look for further downtrend with 1.1895 & 1.1880 as targets.
Additional observations: the RSI shows uptrend momentum.
Gold spot Intraday: consolidation in place. Pivot: 2006.00
Probable development: Sell positions below 2006.00 with targets at 1976.00 & 1966.00 in extension.
Less likely but possible: above 2006.00 look for further uptrend with 2015.00 & 2030.00 as targets.
Additional observations: the RSI is mixed to bearish sentiment.
GBP/USD Intraday: caution. Pivot: 1.3225
Probable development: Buy positions above 1.3225 with targets at 1.3265 & 1.3290 in extension.
Less likely but possible: below 1.3225 look for further downtrend with 1.3200 & 1.3180 as targets.
Additional observations: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
GBP/JPY intraday: the uptrend prevails as Buy as 139.39 is support Our pivot point stands at 139.39.
Probable development: the uptrend prevails as Buy as 139.39 is support.
Less likely but possible: the downtrend breakout of 139.39 would call for 139.07 and 138.88.
Additional observations: the RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 139.56 and 139.26).
EUR/JPY intraday: the uptrend prevails as Buy as 125.62 is support Our pivot point is at 125.62.
Probable development: the uptrend prevails as Buy as 125.62 is support.
Less likely but possible: the downtrend breakout of 125.62 would call for 125.31 and 125.12.
Additional observations: the RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 125.79 and 125.73).
EUR/GBP intraday: rebound towards 0.9051 Our pivot point stands at 0.8995.
Probable development: rebound towards 0.9051.
Less likely but possible: below 0.8995, expect 0.8974 and 0.8962.
Additional observations: the RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the pair is trading above its 20 MA (0.9012) but under its 50 MA (0.9027).
Dax (U0) Intraday: choppy. Pivot: 12950.00
Probable development: Sell positions below 12950.00 with targets at 12785.00 & 12720.00 in extension.
Less likely but possible: above 12950.00 look for further uptrend with 13050.00 & 13098.00 as targets.
Additional observations: as Buy as 12950.00 is resistance, look for choppy price action with a bearish sentiment bias.
Brent (V0) Intraday: bounce. Pivot: 44.90
Probable development: Buy positions above 44.90 with targets at 45.45 & 45.60 in extension.
Less likely but possible: below 44.90 look for further downtrend with 44.75 & 44.55 as targets.
Additional observations: the RSI is mixed to bullish sentiment.
High probability Market: buy positions above 1906.00 with targets at 1950.00 & 1970.00 in extension.
Possible scenario: below 1906.00 look for further downward trend with 1880.00 & 1863.00 as targets.
Additional information: the RSI is mixed to bullish.
GBP/USD Intraday: the upward trend prevails. Pivot: 1.3035
High probability Market: buy positions above 1.3035 with targets at 1.3075 & 1.3095 in extension.
Possible scenario: below 1.3035 look for further downward trend with 1.3020 & 1.3000 as targets.
Additional information: the RSI shows upward trend momentum.
GBP/JPY intraday: the upward trend prevails as buy as 139.04 is support Our pivot point is at 139.04.
High probability Market: the upward trend prevails as buy as 139.04 is support.
Possible scenario: the downward trend breakout of 139.04 would call for 138.73 and 138.55.
Additional information: the RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 139.30 and 139.28).
EUR/JPY intraday: as buy as 125.71 is support look for 126.56 Our pivot point stands at 125.71.
High probability Market: as buy as 125.71 is support look for 126.56.
Possible scenario: below 125.71, expect 125.41 and 125.23.
Additional information: the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 125.98 and 125.77).
EUR/GBP intraday: as buy as 0.9021 is support look for 0.9085 Our pivot point is at 0.9021.
High probability Market: as buy as 0.9021 is support look for 0.9085.
Possible scenario: the downward trend breakout of 0.9021 would call for 0.8998 and 0.8985.
Additional information: the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is below its 20 MA (0.9043) but above its 50 MA (0.9029).
