Technical Analysis

Daily Technical analysis for January 7, 2020

Daily Technical analysis for January 7

EURUSD

The EURUSD rose yesterday, as we expected, and reached a price level of 1.1192 today, and we expect more upside movements to the level of 1.1250.

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 one-hour timeframe. 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 is showing volatility on the hourly interval, as shown in the following image. We expect the pair to rise to the 108.90 price level before facing a strong resistance level.

Resistance 109.70 - 110.00 - 110.50

Support: 107.90 - 107.50 - 107.00

Trend: Volatile

 

Gold

Gold is moving in an upside direction on the hourly interval and close to the 1550 support level, so we expect it to rise to the 1580 price level again during this week's trading.

Resistance: 1590 - 1600 - 1625

Support: 1551- 1524 - 1506

Trend: Bullish

 

Oil

In spite of the rise of oil, the price touched the upper border of the bullish classic channel, so it is preferred to wait and buy from 62.50 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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