Technical Analysis

Daily Technical analysis for October 29, 2020

Daily Technical analysis for October 29, 2020

EURUSD

The EURUSD is moving in a downward direction on the hourly interval. The price broke the classic bullish channel but did not settle below it, so it is preferable to wait for stability below 1.1740 to sell.

Resistance levels: 1.1830 - 1.1900 - 1.2000

Support levels: 1.1700 - 1.1650 - 1.1600 

Trend: Bearish

 

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval. the price broke the classic channel and retested it, so we expect the pair to fall today to 1.2900 levels.

Resistance 1.3000 - 1.3100 -1.3200

Support: 1.2900 - 1.2800 - 1.2700

Direction: Bearish

 

USDJPY

The USDJPY pair is moving downwardly on the hourly interval. The price fell strongly and is likely to rise, as a correction, to 105.00 because the price is close to the lower bound of the descending channel.

Resistance 105.00 - 106.00 - 107.00

Support: 104.00 - 103.00 - 102.00

Trend: Bearish

 

Gold

Gold is moving in a downward direction on the hourly interval. The price is facing a good support level at 1875, so it is preferable to wait until its break to sell again.

Resistance: 1950 - 2000 - 2100

Support 1850 - 1750 - 1700

Trend: Bearish

 

Oil

Oil (Brent crude) is moving downwardly on the one-hour timeframe. The price touches the support level of 39.00, so we are waiting for a break of the level to sell again until 37.00.

Resistance 43.00 - 45.00 - 47.00

Support: 39.00 - 37.00 - 35.00

Trend: Bearish



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