Technical Analysis

Daily Technical analysis for August 17, 2020

Daily Technical analysis for August 17, 2020

EURUSD

The EURUSD is showing volatile movements on the hourly interval, where we should wait for a break or breach of the triangle to buy or sell.

Resistance levels: 1.1900 - 1.1950 - 1.2000

Support levels: 1.1600 - 1.1500 - 1.1400  

Trend: Volatile

 

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 1.2900, 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 has breached the channel pattern and is likely to target 107.50.

Resistance 107.00- 108.00- 109.00

Support: 103.00 - 101.00 - 100.00

Trend: Bearish

 

Gold

Gold is moving in an upward direction on the hourly interval. We should await the breach of the 1975 level to buy again, targeting the 2100 price level.

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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