Technical Analysis

Daily Technical analysis for March 2, 2020

Daily Technical analysis for March 2, 2020

EURUSD

The EURUSD is moving upwardly on the hourly interval, and it faces a strong resistance level at 1.1090. Therefore, it is preferable to buy from 1.1000 levels.

Resistance levels: 1.1100 - 1.1200 - 1.1300

Support levels: 1.1000 -1.0900 - 1.0800  

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 rise to the level of 1.3100 as it bounces from the lower bound of the descending classic channel. 

Resistance 1.3000 -1.3200 - 1.3350

Support: 1.2270 - 1.2250 - 1.2200

Direction: Bearish

 

USDJPY

The USDJPY pair is moving in an upside direction on the hourly interval. The price has breached the classical bullish channel and the resistance level of 108.50. So, we expect more drop provided that the price stabilizes below 108.50.

Resistance 108.50 - 110.00 - 112.50

Support: 107.50 - 106.00 - 105.00

Trend: Bearish

 

Gold

Gold is moving in a bullish direction on the one-hour timeframe, as shown in the following image. Gold is now having a strong support at 1563.

Resistance: 1611 - 1650 - 1700

Support 1560 - 1512 - 1482

Trend: Bullish

 

Oil

Oil is moving in a bearish direction on the hourly interval, as shown in the following image. We expect more decline, but the best area for selling is at 50.00 and the closest support level is at 45.00.  

Resistance 50.00- 52.50- 55.50

Support: 45.00 - 42.00 - 40.00

Trend: Bearish



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