Technical Analysis

Daily Technical analysis for March 12, 2020

Daily Technical analysis for March 12

EURUSD

The EURUSD is moving upwardly on the hourly interval. We expect more upside from the current levels or test the newly broken trend line and then rise again.

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 but on condition of breaking the support of 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 rise from the current level, yet the analysis fails by breaking the upside trend line.

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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