Technical Analysis

Daily Technical analysis for August 12, 2020

Daily Technical analysis for August 12, 2020

EURUSD

The EURUSD is moving to the downside on the hourly interval, where the price has broken the bullish trend line, and we expect more decline to the level of 1.1650.

Resistance levels: 1.1900 - 1.1950 - 1.2000

Support levels: 1.1600 - 1.1500 - 1.1400  

Trend: Bearish

 

GBPUSD

The GBPUSD pair is moving in an upward direction. We should wait for a breakout of the 1.3000 price level, a corrective drop to the price level of 1.2850, and then a rise again.

Resistance 1.3200 - 1.3250 - 1.3300

Support: 1.2700 - 1.2800 - 1.2850

Direction: Bullish

 

USDJPY

The USDJPY pair is moving in a downward direction on the hourly interval, where the price touches a strong reversal zone at 106.60 price level.

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 reached the bullish trend line, and it is likely to rise to the level of 1950.

Resistance: 2100 - 2200 - 2300

Support 1850 - 1750 - 1700

Trend: Bullish

 

Oil

Oil (Brent crude) is moving in a bullish direction on the one-hour timeframe, where the price is moving in a wedge pattern, and we are waiting to break it to sell or the breach the $45.00 level to buy.

Resistance 50.00 - 55.00 - 60.00

Support: 25.00 - 30.00 - 35.00

Trend: Bullish



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