Daily Commodity Coverage: March 24, 2020
<p><b>USD/CAD</b></p>
<p><img class="aligncenter size-large wp-image-40458" src="http://blog.tickmill.com/wp-content/uploads/2020/03/t1-2-1024×473.png" alt="" width="1024" height="473" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/t1-2-1024×473.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/03/t1-2-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/t1-2-768×355.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/03/t1-2.png 1266w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p><b>What happened previously?</b></p>
<p><span>USDCAD spiked up and touched our 1st resistance. Our previous bearish call is still valid.</span></p>
<p><b>What can we expect? </b></p>
<p><span>We are seeing price to reverse from 1st resistance at 1.47155 and there’s a overbought Stochastics providing support too. 1st resistance level is a confluence level of 1.113% Fibonacci extension, horizontal swing high resistance and 161.8% Fibonacci retracement.</span></p>
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<p><b>UKOIL</b></p>
<p><img class="aligncenter size-large wp-image-40459" src="http://blog.tickmill.com/wp-content/uploads/2020/03/t2-3-1024×459.png" alt="" width="1024" height="459" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/t2-3-1024×459.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/03/t2-3-300×134.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/t2-3-768×344.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/03/t2-3.png 1266w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p><b>What happened previously?</b></p>
<p><span>Market moved lower and retested our 1st support at 24.77. Prior support levels are still valid.</span></p>
<p><b>What can we expect?</b></p>
<p><span>Our bullish view unchanged. We are seeing the price to retest the first support now at 24.77 and is likely to bounce from there. Stochastics are reaching a new low at -0.12 which serves as a good support for price. 1st support level happens to be a confluence level of horizontal swing low and 61.8% Fibonacci extension.</span></p>
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<p><b>XAUUSD</b></p>
<p><img class="aligncenter size-large wp-image-40460" src="http://blog.tickmill.com/wp-content/uploads/2020/03/t3-3-1024×467.png" alt="" width="1024" height="467" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/t3-3-1024×467.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/03/t3-3-300×137.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/t3-3-768×350.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/03/t3-3.png 1275w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p><b>What happened previously?</b></p>
<p><span>As expected, the market bounced nicely and reached our target. </span></p>
<p><b>What can we expect?</b></p>
<p><span>We turn bearish as price is reaching our 1st resistance at 1590.48 and is likely to reverse from there. Stochastics is also showing some bearish momentum for a drop to happen. The 1st resistance happens to be where 100% Fibonacci extension and 127.2% Fibonacci extension lines up well and could serve as a key resistance level. </span></p>
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<p><b>XCUUSD</b></p>
<p><img class="aligncenter size-large wp-image-40461" src="http://blog.tickmill.com/wp-content/uploads/2020/03/t4-3-1024×472.png" alt="" width="1024" height="472" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/t4-3-1024×472.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/03/t4-3-300×138.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/t4-3-768×354.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/03/t4-3.png 1266w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p><b>What happened previously?</b></p>
<p><span>Market moved lower towards 1st support. Price spiked down to previous horizontal swing low at 1.93464 which formed our new support level.</span></p>
<p><b>What can we expect?</b></p>
<p><span>Our bullish view unchanged. We are seeing the price to bounce further from the 1st support at 1.93464, where price failed to break below in 2016 Stochastics are reaching a new low at 0.10 which serve as a good support for price. Besides being the horizontal swing low, the 1st support level is also a confluence level of a 61.8% Fibonacci retracement and 88% Fibonacci retracement.</span></p>
<p>The post <a rel="nofollow" href="https://blog.tickmill.com/tech-analysis/daily-commodity-coverage-march-24-2020/">Daily Commodity Coverage: March 24, 2020</a> appeared first on <a rel="nofollow" href="https://blog.tickmill.com">Tickmill</a>.</p>
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