Technical Analysis

Daily Technical analysis for June 8, 2020

Daily Technical analysis for June 8, 2020

EURUSD

The EURUSD is moving to the upside on the hourly interval, where the price is retesting the support level of 1.1250 and it is expected to target the level of 1.1300.

Resistance levels: 1.1350 - 1.1400 - 1.1500

Support levels: 1.1100 - 1.1200 - 1.1250  

Trend: Bullish

 

GBPUSD

The GBPUSD pair is moving in an upward direction. The price has soared from the support represented in the bullish trend line, so we expect more rise today.

Resistance 1.2250 - 1.2500 - 1.2700

Support: 1.1500 - 1.1400 - 1.1200

Direction: Bullish

 

USDJPY

The USDJPY pair is moving in a bullish direction on the one-hour timeframe. The breach of the upper boundary of the classic bullish channel indicates the pair is overbought and will possibly do a downside correction in the coming hours.

Resistance 112.00 - 115.00 - 117.00

Support: 105.30 - 101.00 - 100.00

Trend: Bullish

 

Gold

Gold is moving downwardly over the hourly interval. The price may find support represented in the lower boundary of the descending classical channel and it is possible that it will rise during the coming hours.

Resistance: 1800-1850 - 1900

Support 1700 - 1650 - 1600

Trend: Bearish

 

Oil

Oil (Brent crude) is moving in an upward direction on the one-hour timeframe and broke through the price level of $40.00. So, we expect more rise to the level of $45.00.

Resistance 45.00 - 50.00 - 55.00

Support: 25.00 - 30.00 - 35.00

Trend: Bullish



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