Daily Commodity Coverage: March 26, 2020
<p><b>USD/CAD</b></p>
<p><img class="aligncenter size-large wp-image-40633" src="http://blog.tickmill.com/wp-content/uploads/2020/03/t1-3-1024×460.png" alt="" width="1024" height="460" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/t1-3-1024×460.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/03/t1-3-300×135.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/t1-3-768×345.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/03/t1-3.png 1267w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p><b>What happened previously?</b></p>
<p><span>USDCAD dropped nicely towards 1st support at 1.41528 and bounced from there. Market is still gauging if the stock market stabilizes after the $2 tn stimulus plan. Panic in the market still exists which could push USD higher. </span></p>
<p><b>What can we expect? </b></p>
<p><span>We are seeing price to bounce further towards 1st resistance at 1.45656 and there’s a oversold Stochastics providing support as well. 1st support level is a confluence level of 78.6% Fibonacci extension, horizontal swing low support and 38.2% Fibonacci retracement.</span></p>
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<p><b>UKOIL</b></p>
<p><img class="aligncenter size-large wp-image-40634" src="http://blog.tickmill.com/wp-content/uploads/2020/03/t2-4-1024×470.png" alt="" width="1024" height="470" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/t2-4-1024×470.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/03/t2-4-300×138.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/t2-4-768×352.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/03/t2-4.png 1275w" 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 24.58. Prior support levels are still valid. Oil’s recovery rally failed as the U.S. rescue package might be delayed due to political reasons. </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 24.58 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>
<p><b>XAUUSD</b></p>
<p><img class="aligncenter size-large wp-image-40635" src="http://blog.tickmill.com/wp-content/uploads/2020/03/t3-4-1024×461.png" alt="" width="1024" height="461" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/t3-4-1024×461.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/03/t3-4-300×135.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/t3-4-768×346.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/03/t3-4.png 1265w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p><b>What happened previously?</b></p>
<p><span>As expected, XAUUSD reversed nicely at our 1st resistance level at 1636.16.</span></p>
<p><b>What can we expect?</b></p>
<p><span>We remain bearish as price is reversing off our 1st resistance at 1636.16 and is likely to drop further from there. Stochastics is also showing some bearish momentum for a drop to happen. The 1st resistance happens to be where 76.4% Fibonacci retracement 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-40636" src="http://blog.tickmill.com/wp-content/uploads/2020/03/t4-4-1024×469.png" alt="" width="1024" height="469" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/t4-4-1024×469.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/03/t4-4-300×137.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/t4-4-768×352.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/03/t4-4.png 1273w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p><b>What happened previously?</b></p>
<p><span>Market moved lower towards 1st support. Market sees optimism after U.S. indicates that they are close to a $2tn stimulus deal and China is set back to resume work soon, providing confidence to other countries that this virus can be defeated if controlled properly. </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 2.1573, which happens to be a horizontal overlap support level. Ichimoku and EMA (34) shows good support for price to rise. The 1st support level is also a confluence level of a 38.2% Fibonacci retracement. </span></p>
<p>The post <a rel="nofollow" href="https://blog.tickmill.com/tech-analysis/daily-commodity-coverage-march-26-2020/">Daily Commodity Coverage: March 26, 2020</a> appeared first on <a rel="nofollow" href="https://blog.tickmill.com">Tickmill</a>.</p>
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