Technical Analysis

Daily Technical analysis for March 11, 2020

Daily Technical analysis for March 11, 2020

EURUSD

The EURUSD is moving upwardly on the hourly interval. We expect more upside from the current levels, where the analysis fails with the breach of 1.1250.

Resistance levels: 1.1500 - 1.1750 - 1.1800

Support levels: 1.1250 - 1.1100 - 1.1000  

Trend: Bullish

 

GBPUSD

The GBPUSD pair is moving in a downside direction on the one-hour timeframe, forming a classic descending channel. It is likely that the pair will continue falling until 1.2270. 

Resistance 1.3100 - 1.3250 1.3300

Support: 1.2770 - 1.2550 - 1.2200

Direction: Bearish

 

USDJPY

The USDJPY pair is moving in a downward direction on the hourly interval. The price has reached strong resistance areas and it is likely to continue its drop in the coming hours.

Resistance 105.00 - 107.00 - 110.00

Support: 101.00 - 100.00 - 97.00

Trend: Bearish

 

Gold

Gold is moving in a bullish direction on the one-hour timeframe, as shown in the following image. It is possible that gold will fall until the 1650 price level, and then resume its upside direction.

Resistance: 1700 - 1750 - 1800

Support 1600 - 1550 - 1500

Trend: Bullish

 

Oil

Oil is showing some volatile movements on the hourly interval, as shown in the following image. Oil has risen to the price level of 35.00 and is expected to find a strong resistance level that may push it lower to 25.00.  

Resistance 35.00 - 44.00 - 50.00

Support: 25.00 - 22.00 - 20.00

Trend: Bearish



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