Technical Analysis

Daily Technical analysis for February 4, 2020

Daily Technical analysis for February 4

EURUSD

The EURUSD is moving in a downtrend in a classic bearish channel on the hourly interval. The price has reached the upper boundary of the bullish classic channel so we expect more decline in the coming hours.

Resistance levels: 1.1250 - 1.1300 - 1.1350

Support levels: 1.0990 - 1.0940 - 1.0850

Trend: Bearish

GBPUSD

The GBPUSD is fluctuating on the hourly timeframe, moving inside a triangle pattern. Therefore, we should wait for the breakout of the triangle to decide whether to buy or sell.  

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.2270 - 1.2250 - 1.2200

Direction: Volatile

 

USDJPY

The USDJPY pair is still moving in a bullish direction on the hourly interval, as the pair has reached the price level of 108.70 and the lower boundary of the classic bullish channel.

Resistance 109.70 - 110.00 - 110.50

Support: 108.40 - 107.50 - 107.00

Trend: Bullish

 

Gold

Gold is moving in a bullish direction on the one-hour timeframe and close to the upside trend line. We should wait until a suitable price behavior to buy or the break of the minor upside trend line for selling.

Resistance: 1600 - 1625 - 1650

Support 1513 - 1500 - 1480

Trend: Bullish

 

Oil

Oil is moving in a bearish direction over the one-hour timeframe, forming a classic descending channel. The price has breached the support level of 51.10, so we expect more decline.

Resistance 62.50 - 65.00 - 68.00

Support: 51.45 - 50.00 – 45.00

Trend: Bearish


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