Technical Analysis

Daily Technical analysis for March 9, 2020

Daily Technical analysis for March 9, 2020

EURUSD

The EURUSD is moving upwardly on the hourly interval, and it faces a strong resistance level at 1.1500. We expect a correction until the 1.1250 price level and thereafter it is possible to buy.

Resistance levels: 1.1500 - 1.1750 - 1.1800

Support levels: 1.1250 - 1.1100 - 1.1000  

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 drop from the current levels. 

Resistance 1.3100 - 1.3250 1.3300

Support: 1.2770 - 1.2550 - 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 105.00 price level.

Resistance 105.00 - 107.00 - 110.00

Support: 101.00 - 100.00 - 97.00

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 1700 and it is possible to drop until the price level of 1600.

Resistance: 1700 - 1750 - 1800

Support 1600 - 1550 - 1500

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 25.00, where it may correct upwardly to 35.00.  

Resistance 35.00 - 44.00 -50.00

Support: 25.00 - 22.00 - 20.00

Trend: Bearish



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