Technical Analysis

Daily Technical analysis for January 16, 2020

Daily Technical analysis for January 16


The EURUSD is still moving in an upside direction on the hourly interval and up from the head and shoulders pattern. The price has reached the resistance level that we targeted yesterday, and in the event of its breach, it will target 1.1250.

Resistance levels: 1.1250 - 1.1300 - 1.1350

Support levels: 1.0990 - 1.0940 - 1.0850

Trend: Volatile



The GBPUSD is moving in a bearish direction on the hourly timeframe, forming a wedge pattern, as shown in the following image, and it is likely that it will target the level of 1.2900.

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.2270 - 1.2250 - 1.2200

Direction: Bearish



The USDJPY is moving in an upside direction over the one-hour timeframe and the price is close to the upper limit of the channel. We should wait for the correction until the price level of 108.40 to buy again.

Resistance 109.70 - 110.00 - 110.50

Support: 108.40 - 107.50 - 107.00

Trend: Bullish



Gold is moving in a bullish direction over the hourly timeframe. It is preferable to wait until the price reaches the level of 1513 to buy again. Gold targets the 1582 pursuit level as a first target.

Resistance: 1600 - 1625 - 1650

Support 1513- 1500 - 1480

Trend: Bullish



Oil is still moving in an upside direction over the one-hour timeframe, as can be seen from the following image. We expect more bullishness during the coming hours, provided that it breaches the level of 58.50, which represents a resistance level close to the price.

Resistance 62.50 - 65.00 - 68.00

Support: 58.81 - 53.75 - 51.45

Trend: Bullish

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