Technical Analysis

Daily Technical analysis for February 7, 2020

Daily Technical analysis for February 7

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 the support line has been broken, so we expect 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 after breaking the triangle pattern. We expect more decline in the coming hours. 

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 110.00 - 110.50 - 111.00

Support: 108.40 - 107.50 - 107.00

Trend: Bullish

 

Gold

Gold is moving in a bullish direction on the one-hour timeframe, as shown in the following image. Gold is targeting 1580 price level as a first target.

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 54.75 - 62.50 - 65.00

Support: 51.45 - 50.00 – 45.00

Trend: Bullish



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