Technical Analysis

Daily Technical analysis for November 5, 2020

Daily Technical analysis for November 5, 2020

EURUSD

The EURUSD is moving in a downward direction on the hourly interval. The pair is close to the upper bound of the descending classical channel, so we expect it to fall in the coming hours.

Resistance levels: 1.1700 - 1.1800 - 1.1900

Support levels: 1.1600 - 1.1500 - 1.1400 

Trend: Bearish

 

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval. The pair retesting the breached classical descending channel, and it is expected to rise.

Resistance 1.3000 - 1.3100 -1.3200

Support: 1.2800 - 1.2700 - 1.2600

Direction: Bullish

 

USDJPY

The USDJPY pair is moving downwardly on the hourly interval. The pair is expected to decline, but it is preferable to wait until the support level of 104.00 is breached and the price stabilizes below it.

Resistance 105.00 - 106.00 - 107.00

Support: 104.00 - 103.00 - 102.00

Trend: Bearish

 

Gold

Gold is moving in a downward direction on the hourly interval. The price is facing the upper bound of the descending classical channel, so we expect a drop to the level of 1800.

Resistance: 1950 - 2000 - 2100

Support 1850 - 1750 - 1700

Trend: Bearish

 

Oil

Oil (Brent crude) is moving in an upward direction on the one-hour timeframe. The price is close to the resistance level of 41.20, so we expect a drop to the level of 38.00.

Resistance 40.00 - 42.00 - 43.00

Support: 35.00 - 34.00 - 33.00

Trend: Bullish



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