USD/JPY

USD/JPY is trading between a range of 108.50 and 109.00 in Asia on Wednesday, currently consolidating and flat on the session. The pair earlier portrayed the broad US dollar weakness, amid risk-on, but seems to bear the burden of fresh challenges to the risks off-late. USD/JPY is expected to find support at 108.58, and a fall through could take it to the support level of 108.27. On the other side, resistance stands at 109.12, and a rise through could take it to the level of 109.31.

USDJPY_08_04_20

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 107.87 108.27 108.49 108.89 109.11 109.51 109.74
1 WEEK 105.51 103.21 107.34 108.04 109.17 109.87 111.00
1 MONTH 91.38 96.28 101.92 106.82 112.46 117.36 123.00

EURUSD

EUR/USD struggles to extend Tuesday’s gain as coronavirus worries return. The pair is trading at 1.0840 at press time, dropping sharply in the last hour. Dollar takes a lead on haven demand as coronavirus fears return. EUR/USD is expected to find support at 1.0812 and a fall through could take it further to the support level of 1.0782. On the other side, resistance stands at 1.0893, and a rise through could take it to the next resistance level of 1.0926.

EURUSD_08_04_20

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.0666 1.0725 1.0808 1.0867 1.0951 1.1009 1.1093
1 WEEK 1.0300 1.0536 1.0673 1.0909 1.1045 1.1282 1.1418
1 MONTH 0.9755 1.0196 1.0611 1.1052 1.1467 1.1908 1.2323

GBPUSD

GBP/USD fails to hold onto recovery gains amid fresh coronavirus concerns. UK PM is in ICU but stable, doubts over the already higher statistics remain. Expectations are mounting that the UK will have Europe’s worst crisis due to the virus. GBP/USD is expected to find support at 1.2268 and a fall through could take it to the next support level of 1.2241. On the other side, resistance stands at 1.2335, and a rise through could take it to the next resistance level of 1.2361.

GBPUSD_08_04_20

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.1985 1.2075 1.2207 1.2296 1.2428 1.2517 1.2649
1 WEEK 1.1884 1.2045 1.2154 1.2315 1.2424 1.2585 1.2694
1 MONTH 0.9693 1.0551 1.1485 1.2343 1.3277 1.4135 1.5069

GOLD

Gold regains $1,650 amid cautious trade sentiment. The earlier receding fears of coronavirus failed to gain momentum following the latest data. The FOMC minutes for the early-March Fed meeting might also offer intermediate moves. Gold is expected to find support at the level of 1,637.90 and a fall through could take it to 1,628.80 level. On the other side, resistance stands at 1,657.10, and a rise through could take it to 1,665.50 level.

Gold_08_04_20

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1585.66 1628.83 1656.26 1699.43 1726.86 1770.03 1797.66
1 WEEK 1492.34 1534.17 1589.94 1631.77 1687.54 1729.37 1785.14
1 MONTH 1207.86 1329.43 1460.76 1582.33 1713.66 1835.23 1966.56