Technical Analysis

Daily Technical analysis for January 31, 2020

Daily Technical analysis for January 31

EURUSD

The EURUSD is moving in a downtrend in a classic bearish channel on the hourly interval, but the best selling areas are at 1.1086 levels.

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 inside a triangle pattern. We should wait until the breakout of the triangle to decide whether to buy or sell the pair.  

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.2270 - 1.2250 - 1.2200

Direction: Volatile

 

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 is moving in a bullish direction on the one-hour timeframe and close to the upside trend line. We expect it to rise to the level of 1582.

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. Therefore, we expect it to drop during the coming hours.

Resistance 62.50 - 65.00 - 68.00

Support: 51.45 - 50.00 – 45.00

Trend: Bearish



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