Technical Analysis

Daily Technical analysis for February 20, 2020

Daily Technical analysis for February 20

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 moving in an upside direction on the hourly interval after breaching the rectangle pattern yesterday. The pair reached the upper border of the bullish classic channel, and a correction is expected until the price level of 110.30.

Resistance 112.00 - 112.50 - 113.00

Support: 110.00 - 109.50 - 108.40

Trend: Bullish

 

Gold

Gold is moving in a bullish direction on the one-hour timeframe, as shown in the following image. It has reached its target of 1610, and it is possible that it will find resistance at this level, so we should wait for a downside correction until the level of 1590 to buy again.

Resistance: 1611 - 1625 - 1650

Support 1590 - 1550 - 1500

Trend: Bullish

 

Oil

Oil is moving in an upside direction over the hourly interval, as shown in the following picture. It is possible to see further bullishness until the price level of 55.

Resistance 54.75 - 62.50 - 65.00

Support: 51.45 - 50.00 – 45.00

Trend: Bullish



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