Tickmill : Weekly Market Outlook (16 March 2020)
16 March 2020 Analysis (Forex, CFDs, Cryptocurrency)CFDs (Gold & Silver)Currency PairsUSD/CADXAU/USD (Gold)
Title : Weekly Market Outlook (16 March 2020)
Broker : Tickmill
Description :
USDCAD
What happened previously? – USDCAD tested out support at 1.3757 and bounced up really nicely from there. That also happens to be a 23.6% Fibonacci retracement and a 61.8% Fibonacci extension.
What can we expect? – We are seeing price to bounce further from the first 1 support and there’s a bullish Ichimoku cloud providing support too. We could be seeing a nice bounce from here that can push prices all the way up to major resistance at 1.3950.
UKOIL
What happened previously? – UKOIL tested out support at 30.76 and went down to retest it. We found the support level to be confluence level of a 4.414% Fibonacci retracement and a 161.8% Fibonacci extension.
What can we expect? – We are seeing price to retest the first 1 support and likely to bounce from there. Stochastics are reaching a new low at 0.48 which serve as a good support for price. If price drops past 1st support, it may drop till the 2nd support where the 227.2% Fibonacci extension stands.
XAUUSD
What happened previously? – XAUUSD reversed nicely below the 1st resistance at 1569.89 and holds well below the descending trend line. The resistance level happens to be a confluence level of a 38.2% Fibonacci retracement and a 78.6% Fibonacci extension.
What can we expect? – We are seeing prices to drop towards 1st support at 1513.04 and likely to bounce from there. Ichimoku cloud is also showing some bearish momentum for the drop to happen. The 1st support happens to be where horizontal swing low and 61.8% Fbionacci extension lines up.
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