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Technical Analysis
21 April 2021
Trading spotlight
Every day we analyse the market trends, select the most newsworthy asset, and prepare technical analysis on it—to help you reduce risks and get prepared.
- All
- USDCHF
- AUDUSD
- XAUUSD
Keep USDCHF in sight
What happened earlier
The USDCHF pair attempted to break 0.91620 due to the U.S. dollar rebounding as Treasury rates in the United States moved in a tight range. The dollar index rose against major currencies after touching its lowest level in nearly seven weeks.
What the picture is now
The Bollinger Bands are giving off a bullish signal with moderate volatility. The RSI, which is slightly above 50, suggests an uptrend may prevail while the Stochastic points to a possible downward correction.
What the possible outcomes are
- In our most likely scenario, the USDCHF pair may attempt to break the first resistance level of 0.91620.
- If the pair manages to surpass the first resistance level, we should expect a continued surge towards the second resistance level of 0.91961.
- Conversely, it's possible to see the pair fail to break the first resistance level and regress towards the first support level of 0.91252.
- If the pair falls below the first support level, we can expect a further decline to the second support level of 0.90941.
Pay attention to AUDUSD
What happened earlier
The AUDUSD pair fell under 0.77243 thanks to the rising U.S. dollar. Nevertheless, positive figures of Australian retail sales a good sign for their economy. Soaring house prices and a surge in employment boosted consumer confidence and spending. The Reserve Bank of Australia (RBA) will wait for inflationary pressures to emerge before considering interest rate hikes. Meanwhile, the direction of the AUDUSD will be relying upon the course of the U.S. dollar yet.
What the picture is now
The Bollinger Bands are narrowing, signifying a reduction in volatility and displaying a bearish sentiment. The RSI, which is under 50, indicates the prevailing downtrend while the Stochastic suggests a possible correction upwards.
What the possible outcomes are
- In our most likely scenario, the AUDUSD pair may experience a downwards correction towards the first support level of 0.76856.
- If the pair falls below the first support level, we can expect a continued downtrend towards the second support level of 0.76386.
- Contrarily, the pair may attempt to break the first resistance level of 0.77243.
- If the pair manages to surpass the first resistance level, we should expect a continued surge towards the second resistance level of 0.77611.
Stay aware of the XAUUSD movement
What happened earlier
The XAUUSD pair rose above 1,775.91 USD due to rising gold prices, supported by a decline in U.S. Treasury yields accompanied by a weaker greenback. The gold bulls are now banking on a return to 1,800.79 USD, and this wouldn’t be their first attempt since losing that pricing threshold in mid-February.
What the picture is now
The price is above the 15-day and 25-day moving averages. Together with the RSI, which is above 50, the indication is that an uptrend may prevail. The Stochastic suggests a possible downward correction.
What the possible outcomes are
- In our most likely scenario, the XAUUSD pair may rise towards the first resistance level of 1,790.08.
- If the pair manages to surpass the first resistance level, we should expect a continued surge towards the second resistance level of 1,800.79.
- Contrarily, the pair may initially decline towards the first support level of 1,775.91.
- If the pair falls below the first support level, we can expect a continued downtrend towards the second support level of 1,762.48.
Please note! This is not a direct instruction on which order to open. When applying this information, you remain solely responsible for the decision you make and financial risks you take.