Technical Analysis

Daily Technical analysis for February 18, 2020

Daily Technical analysis for February 18

EURUSD

The EURUSD is moving in a bearish direction on the hourly interval. The pair has reached the lower bound of the descending classical channel and it is expected to rise to the resistance level of 1.0990, but on condition of stability above 1.0872.

Resistance levels: 1.0990 - 1.1086 - 1.1175

Support levels: 1.0800 - 1.0750 - 1.0700

Trend: Bearish

 

GBPUSD

The GBPUSD pair is moving in a bearish direction on the one-hour timeframe, forming a classic descending channel, where the pair is expected to drop from the level of 1.3100. 

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.2270 - 1.2250 - 1.2200

Direction: Bearish

 

USDJPY

The USDJPY pair is showing volatility on the hourly interval, forming a rectangular pattern. We are should wait for the breach of the rectangle to the upside or downside to decide whether to buy or sell.

Resistance 110.00 - 110.50 - 111.00

Support: 108.40 - 107.50 - 107.00

Trend: Volatile

 

Gold

Gold is moving in a bullish direction on the one-hour timeframe, as shown in the following image. Gold is targeting 1600 price level during the coming hours, provided that it breaches 1590.

Resistance: 1600 - 1625 - 1650

Support 1550 - 1520 - 1500

Trend: Bullish

 

Oil

Oil is moving in a downside direction over the one-hour timeframe after breaching the classic descending channel. The price is expected to fall to the level of 50.00 again.

Resistance 54.75 - 62.50 - 65.00

Support: 51.45 - 50.00 – 45.00

Trend: Bullish



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