Technical Analysis

Daily Technical analysis for August 11, 2020

Daily Technical analysis for August 11, 2020

EURUSD

The EURUSD is moving to the upside on the hourly interval, where the price has broken the bullish trend line, and we expect more decline to the level of 1.6500.

Resistance levels: 1.1900 - 1.1950 - 1.2000

Support levels: 1.1600 - 1.1500 - 1.1400  

Trend: Bullish

 

GBPUSD

The GBPUSD pair is moving in a downward direction despite the breach of the trend line. But we should wait for the breach of 1.3000 to confirm the decline, and then sell to the level of 1.2850.

Resistance 1.3200 - 1.3250 - 1.3300

Support: 1.2700 - 1.2800 - 1.2850

Direction: Bearish

 

USDJPY

The USDJPY pair is moving in a downward direction on the hourly interval, where the price has fallen from the 106.60 resistance area and we expect more decline.

Resistance 106.00 - 107.00 - 110.00

Support: 103.00 - 101.00 - 100.00

Trend: Bearish

 

Gold

Gold is moving in an upward direction on the hourly interval. The price has breached the classic descending channel, and it is likely that it will drop to the 1900 level within the coming hours.

Resistance: 2100 - 2200 - 2300

Support 1850 - 1750 - 1700

Trend: Bearish

 

Oil

Oil (Brent crude) is moving in a bullish direction on the one-hour timeframe, where the price is facing the level of 45, and we should wait for its breakout to buy.

Resistance 50.00 - 55.00 - 60.00

Support: 25.00 - 30.00 - 35.00

Trend: Bullish



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