Technical Analysis

Daily Technical analysis for February 28, 2020

Daily Technical analysis for February 28, 2020

EURUSD

The EURUSD is moving upwardly on the hourly interval, yet the pair is now facing a strong resistance level. Therefore, we should wait for a downside correction up to the level of 1.09000 to buy.

Resistance levels: 1.1000 - 1.1050 - 1.1100

Support levels: 1.0900 - 1.0800 - 1.0750

Trend: Bullish

 

GBPUSD

The GBPUSD pair is moving in a downside direction on the one-hour timeframe, forming a classic descending channel. It is likely that the pair will rise to the level of 1.3100 as it bounces from the lower bound of the descending classic channel. 

Resistance 1.3000 -1.3200 - 1.3350

Support: 1.2270 - 1.2250 - 1.2200

Direction: Bearish

 

USDJPY

The USDJPY pair is moving in an upside direction on the hourly interval. The price bounced from the resistance level of 112.00, while it is currently finding support represented in the upward trend line. Thus, we expect the correction to end and the pair starts to rise.

Resistance 112.00 - 112.50 - 113.00

Support: 108.40 - 107.00 - 105.00

Trend: Bullish

 

Gold

Gold is moving in a bullish direction on the one-hour timeframe, as shown in the following image. Gold is now having a strong support at 1625.

Resistance: 1675 - 1700 - 1750

Support 1650 - 1600 - 1550

Trend: Bullish

 

Oil

Oil is moving in a bearish direction on the hourly interval, as shown in the following image. We expect more decline, but the best area for selling is at 50.00 and the closest support level is at 45.00.  

Resistance 50.00- 52.50- 55.50

Support: 45.00 - 42.00 - 40.00

Trend: Bearish



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