Technical Analysis

Daily Technical analysis for January 22, 2020

Daily Technical analysis for January 22

EURUSD

The EURUSD is still moving in a downside direction on the hourly interval after breaking the head and shoulders pattern. It is preferable to wait until the support level at 1.1086 is broken for selling until the price level of 1.0990.

Resistance levels: 1.1250 - 1.1300 - 1.1350

Support levels: 1.0990 - 1.0940 - 1.0850

Trend: Bearish

 

GBPUSD

The GBPUSD is moving in a volatile direction on the hourly timeframe, forming a triangle pattern, as shown in the following image. We should wait until the breach of the pattern to determine the next direction.

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.2270 - 1.2250 - 1.2200

Direction: Volatile

 

USDJPY

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

Gold is moving in a bullish direction over the hourly timeframe. It is preferable to wait until the price reaches the level of 1520 to buy again. Gold targets the 1582 level as a first objective.

Resistance: 1600 - 1625 - 1650

Support 1513- 1500 - 1480

Trend: Bullish

 

Oil

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 until the price level of 62.50, provided that it breaches the level of 58.50 and settles above it.

Resistance 62.50 - 65.00 - 68.00

Support: 58.81 - 53.75 - 51.45

Trend: Bullish



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