Technical Analysis

Daily Technical analysis for March 16, 2020

Daily Technical analysis for March 16

EURUSD

The EURUSD is moving upwardly on the hourly interval. We expect more upside from the current levels due to the presence of strong support and the test of the breached trend line.

Resistance levels: 1.1300 - 1.1550 - 1.1600

Support levels: 1.1100 - 1.1000 - 1.09000  

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 find support at 1.2200, but it is preferable to sell from the 1.2550 that represent a resistance level. 

Resistance 1.2270 - 1.3000 - 1.3250

Support: 1.2200 - 1.2100 - 1.2000

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 107.70 - 110.00 - 112.00

Support: 105.30 - 101.00 - 100.00

Trend: Bearish

 

Gold

Gold is moving in a bullish direction on the one-hour timeframe, as shown in the following image. The price may find strong support at 1500 price level, and the correction is expected until the 1570 price level.

Resistance: 1600 - 1650 - 1700

Support 1500 - 1450 - 1400

Trend: Bearish

 

Oil

Oil is moving in a bearish direction on the hourly interval, as shown in the following image. We should wait for the price to reach the level of 35.00 to sell again.  

Resistance 35.00 - 44.00 - 50.00

Support: 25.00 - 22.00 - 20.00

Trend: Bearish



Share Article