Technical Analysis

Daily Technical analysis for January 2, 2020

Daily Technical analysis for January 2


The EURUSD pair is moving in an upside direction over the one-hour timeframe, as shown in the following image, where the price is now close to the upper limit of the channel. It is preferable to wait until the price reaches 1.1110 before buying again.

Resistance levels: 1.1250 - 1.1300 - 1.1350

Support levels: 1.1175 - 1.1110- 1.0990

Trend: Bullish



The GBPUSD is still moving in a downtrend on the hourly interval, as the price has broken the upside trend line and is now touching the broken trend line to retest. We expect the price to fall in the coming hours.

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.2270 - 1.2250 - 1.2200

Direction: Bearish



The USDJPY is showing volatility over the one-hour timeframe, and it is likely that the price will decline until 108.30, which represents the first levels of support for the pair.

Resistance: 109.70 - 110.00 - 110.50

Support: 108.30 - 107.90 - 107.50

Trend: Volatile



Gold rose strongly and breached the 1515 price level, which represents a strong support level now. Gold is moving in an upside direction on the hourly interval and targeting the 1535 price level.

Resistance: 1535 - 1550 - 1560

Support: 1445 - 1430 - 1420

Trend: Bullish



Oil is moving in a bullish direction on the hourly interval and the price is close to the upper bound of the bullish classic channel pattern. It is possible to witness a corrective decline until the price level of 58.80.

Resistance 62.50 - 65.00 - 68.00

Support: 58.81 - 53.75 - 51.45

Trend: Bullish

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