Technical Analysis

Daily Technical analysis for August 18, 2020

Daily Technical analysis for August 18, 2020

EURUSD

The EURUSD is moving in an upward direction on the hourly interval after the breach of the ascending triangle pattern. We should await the breach of the resistance level at 1.1900 to buy.

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 an upward direction on the hourly interval, where the price targets 1.3200.

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 upward trend line, and it is possible to complete the drop to 105.20.

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. The price has breached the 1975 level, and is likely to target 2100.

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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