Technical Analysis

Daily Technical analysis for January 3, 2020

Daily Technical analysis for January 3

EURUSD

The EURUSD fell, as we expected yesterday, where the pair is still in an upside direction on the one-hour timeframe and close to the support level of 1.1175. We can wait until it reaches the level of 1.1110 to buy again.

Resistance levels: 1.1250 - 1.1300 - 1.1350

Support levels: 1.1175 -1.1110 - 1.0990  

Trend: Bullish

 

GBPUSD

The GBPUSD fell after retesting the broken upside trend line on the hourly chart. We expect the price to drop further until it reaches the level of 1.2775.

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.2270 - 1.2250 - 1.2200

Direction: Bearish

 

USDJPY

The USDJPY broke the 108.30 price level, which represented a strong support level and turned into a resistance level now. It may retest it and drop to 107.90 levels as a first target and 107.50 as a second target.

Resistance: 108.30 - 109.70 - 110.00

Support: 107.90 - 107.50 - 107.00

Trend: Volatile

 

Gold

As expected, gold rose to the level of 1535, strengthening its bullish direction, but it is preferable to wait and buy after the price corrects downward to 1515 levels, where it will be a better level to buy.

Resistance: 1540 - 1550 - 1560

Support: 1445 - 1430 - 1420

Trend: Bullish

 

Oil

Despite the rise in oil, the price is touching the upper bound of the bullish classic channel, and therefore it is preferable to wait and buy from 58.80 levels rather than buying from the current levels.

Resistance 62.50 - 65.00 - 68.00

Support: 58.81 - 53.75 - 51.45

Trend: Bullish



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