Technical Analysis

Daily Technical analysis for January 6, 2020

Daily Technical analysis for January 6

EURUSD

The EURUSD is still moving in an upside direction over the one-hour timeframe. The pair has reached its maximum correction and touched the trend line, where it is expected to continue rising today.

Resistance levels: 1.1250 - 1.1300 - 1.1350

Support levels: 1.1110  - 1.0990 - 1.0940  

Trend: Bullish

 

GBPUSD

The GBPUSD fell after retesting the broken upward trend line on the hourly timeframe. We expect the pair 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 is moving in a bearish direction on the hourly interval. We should wait for the support level of 107.90 to be broken, and then we can sell until 107.50 levels since it is first downside target.

Resistance: 108.30 - 109.70 - 110.00

Support: 107.90 - 107.50 - 107.00

Trend: Bearsih

 

Gold

Gold rose strongly with the opening of the market today and reached its highest level in seven years. We expect more bullishness for gold, but the best areas to buy are at 1550.

Resistance: 1590 - 1600 - 1625

Support: 1506 - 1524 - 1551

Trend: Bullish

 

Oil

In spite of the rise of oil, the price touched the upper border of the bullish classic channel. It is preferred to wait and buy from 62.50 levels, as it will be a better 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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