Technical Analysis

Daily Technical analysis for March 18, 2020

Daily Technical analysis for March 18

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.

Resistance levels: 1.1300 - 1.1550 - 1.1600

Support levels: 1.2000 - 1.1900 - 1.1800  

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: 1.2000 - 1.1900 - 1.1800

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 is facing strong resistance at 1570 price level, and it is expected to return to the 1450 support level.

Resistance: 1600 - 1650 - 1700

Support 1450 - 1400 - 1350

Trend: Bearish

 

Oil

Oil is moving in a bearish direction on the hourly interval, as shown in the following image. The price is close to the level of $25 a barrel, which represents a very strong support level.

Resistance 35.00 - 44.00 - 50.00

Support: 25.00 - 22.00 - 20.00

Trend: Bearish



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