Technical Analysis

Daily Technical analysis for January 24, 2020

Daily Technical analysis for January 24

EURUSD

The EURUSD is still moving in a downside direction on the hourly interval after breaking the head and shoulders pattern and breaking the level of 1.1088, as we expected yesterday. It is likely that it will target the price level of 1.0990 during the coming hours.

Resistance levels: 1.1250 - 1.1300 - 1.1350

Support levels: 1.0990 - 1.0940 - 1.0850

Trend: Bearish

 

GBPUSD

The GBPUSD is moving in an upside direction on the hourly timeframe, forming a triangle pattern, as shown in the following image. It is likely that it will target the 1.3500 price level in the coming days.

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.2270 - 1.2250 - 1.2200

Direction: Bullish

 

USDJPY

The USDJPY is moving in an upside direction over the one-hour timeframe and it is expected to start a downside correction until the price level of 108.40, where from it we can 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 currently moving in a bearish direction over the one-hour timeframe after breaking the classical ascending channel. It is likely that the price will target the level of 53.75 within hours.

Resistance 62.50 - 65.00 - 68.00

Support: 53.75 - 51.45 – 50.00

Trend: Bearish



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