Technical Analysis

Daily Technical analysis for March 5, 2020

Daily Technical analysis for March 5, 2020

EURUSD

The EURUSD is moving upwardly on the hourly interval, and it faces a strong resistance level at 1.1175. 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 -1.3100 - 1.3250

Support: 1.2270 - 1.2250 - 1.2200

Direction: Bearish

 

USDJPY

The USDJPY pair is moving in a downward direction on the hourly interval. The price may rise to 108.00 price level before falling again.

Resistance 108.50 - 110.00 - 112.50

Support: 106.00 - 105.00 - 104.00

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 a resistance level at 1650 and it is possible to drop until the price level of 1600.

Resistance: 1650 - 1700 - 1750

Support 1560 - 1512 - 1482

Trend: Bullish

 

Oil

Oil is moving in a bearish direction on the hourly interval, as shown in the following image. It is possible that oil will rise today until the price level 50.00, which represents a strong resistance level.  

Resistance 50.00- 52.50- 55.50

Support: 45.00 - 42.00 - 40.00

Trend: Bullish



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