Technical Analysis

Daily Technical analysis for February 6, 2020

Daily Technical analysis for February 6

EURUSD

The EURUSD is moving in a downtrend in a classic bearish channel on the hourly interval inside a classic bearish channel. The price has fallen from the upper border, as shown in the following picture, and is currently finding support at 1.0990, so we should wait for a breakout for more decline.

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. 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. The pair rose strongly, as we expected yesterday, breaching resistance at 109.70, which turned into a support level, so we expect more rise.

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 may find strong support represented in the bullish trend line. Therefore, we expect more rise today.

Resistance: 1600 - 1625 - 1650

Support 1513 - 1500 - 1480

Trend: Bullish

 

Oil

Oil is moving in a bearish direction over the one-hour timeframe after breaching the classic descending channel. The price is expected to rise until the resistance level of 54.75 during the coming hours.

Resistance 62.50 - 65.00 - 68.00

Support: 51.45 - 50.00 – 45.00

Trend: Bullish



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