Technical Analysis

Daily Technical analysis for January 29, 2020

Daily Technical analysis for January 29

EURUSD

The EURUSD reached its target of 1.0990 and it is possible that it will find support at this price level. The pair is still moving in a in a bearish direction but the best area to sell the pair is at 1.1086.

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, after breaking through the triangle pattern, where today it is retesting it and is likely to 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 fell to 109.03 level and it is likely that it will continue its decline until 108.40 price level, where it may find its first support.

Resistance 109.70 - 110.00 - 110.50

Support: 108.40 - 107.50 - 107.00

Trend: Bullish

 

Gold

Gold fell, as expected, after hitting the resistance at 1582, noting that the price is still moving in an upside direction on the hourly interval and close to the minor trend line and is likely to rise during the coming hours.

Resistance: 1600 - 1625 - 1650

Support 1513 - 1500 - 1480

Trend: Bullish

 

Oil

Oil is moving in a bearish direction over the one-hour timeframe, forming a classic descending channel pattern, where the price is currently close to the upper border. So, we expect it to drop during the coming hours.

Resistance 62.50 - 65.00 - 68.00

Support: 53.75 - 50.00 – 45.00

Trend: Bearish



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