Technical Analysis

Daily Technical analysis for March 13, 2020

Daily technical analysis

 The EURUSD pair moves to the upside over hourly basis, where we expect additional bullishness from current levels as the pair is facing critical support that interacts with re-test areas of the previously broken trend line.

Resistance levels: 1.1300-1.1550-1.1600

Support levels: 1.1100-1.1000- 1.0900

Trend: Bullish

 

The GBPUSD moved bearishly over hourly basis drawing a classical channel where it may find support around 1.2550 territories. Selling is preferable with stop loss at 1.2770 which represents a strong resistance zone.

Resistance levels: 1.2770-1.3000-1.3250

Support levels: 1.2550-1.2400-1.2300

Trend: Bearish


USDJPY moved in a downtrend over hourly interval, but it touches resistance areas which may prevent it from resuming the bearish moves.

Resistance levels: 105.30-107.00-110.00

Support levels: 101.00-100.00-97.00

Direction: Bearish

 

Gold achieved strong bearish recovery over hourly basis after beaching the trendline and we should wait until the precious metal breaks 1570.00 before selling targeting 1500.00 psychological.

Resistance levels: 1600-1650.00-1700

Support levels: 1570-1500-1450

Direction: Bearish

  

Crude moved to the downside over hourly interval as seen on the provided chart. Areas of 35.00 may act as resistance which we do believe bears are waiting to start selling oil once again.

Resistance levels: 35.00-44.00-50.00

Support levels: 25.00-22.00-20.00 

Direction: Bearish

 

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