Technical Analysis

Daily Technical analysis for March 6, 2020

Daily Technical analysis for March 6, 2020

EURUSD

The EURUSD is moving upwardly on the hourly interval, and it faces a strong resistance level at 1.1250. Therefore, it is preferable to buy from 1.1000 levels.

Resistance levels: 1.1250 - 1.1300 - 1.1400

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 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 is likely to continue falling, but the best selling areas are at 107.50 price level.

Resistance 107.50 - 109.00 - 110.00

Support: 105.00 - 104.00 - 102.00

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 1680 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 showing some volatile movements on the hourly interval, as shown in the following image. It is possible that oil will find a strong support level at 45.00, and therefore it is preferable to wait until the direction becomes clear before buying or selling.  

Resistance 50.00- 52.50- 55.50

Support: 45.00 - 42.00 - 40.00

Trend: Bullish



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