Technical Analysis

Daily Technical analysis for August 31, 2020

Daily Technical analysis for August 31, 2020

EURUSD

The EURUSD is moving in a volatile direction on the hourly interval. We should wait for the breakout or breach of the triangle pattern to buy or sell.

Resistance levels: 1.2000 - 1.2100 - 1.2200

Support levels: 1.1700 - 1.1600 - 1.1500  

Trend: Volatile

 

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval, where the price targets 1.3400 while the best support level is at 1.3000.

Resistance 1.3400 - 1.3500 - 1.3600

Support: 1.3000 - 1.2900 - 1.2800

Direction: Bullish

 

USDJPY

The USDJPY pair is moving downwardly on the hourly interval. The price targets 104.00, but it is preferable to wait for the stability below 105.30.

Resistance 107.00- 108.00- 109.00

Support: 103.00 - 101.00 - 100.00

Trend: Bearish

 

Gold

Gold is showing volatility on the hourly interval. We should wait for gold to break or breach the rectangle pattern to buy or sell.

Resistance: 2100 - 2200 - 2300

Support 1850 - 1750 - 1700

Trend: Volatile

Oil

Oil (Brent crude) is moving in a bullish direction on the one-hour timeframe. We should await the breach of $46.00 and stability above it to buy until the level of $50.00.

Resistance 50.00 - 55.00 - 60.00

Support: 40.00 - 35.00 - 25.00

Trend: Bullish



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