Technical Analysis

Daily Technical analysis for January 8, 2020

Daily Technical analysis for January 8

EURUSD

The EURUSD is still moving in an upside direction on the hourly interval and near the trend line. We expect more bullishness today to 1.2500 levels.

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

As we expected yesterday, gold rose to 1590 price levels and we expect more upside movements today, where the best areas to buy are located at 1575.

Resistance: 1600 - 1625 - 1650

Support: 1575- 1551 - 1524

Trend: Bullish

 

Oil

Oil fell yesterday after it faced a strong resistance level at 65.00 price level, where the price now may find support at 62.50. We are currently waiting for a suitable price behavior to buy.

Resistance 62.50 - 65.00 - 68.00

Support: 58.81 - 53.75 - 51.45

Trend: Bullish



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