Technical Analysis

Daily Technical analysis for October 22, 2020

Daily Technical analysis for October 22, 2020

EURUSD

The EURUSD is moving in an upward direction on the hourly interval. The euro is close to the resistance level at 1.1880 and the upper boundary of the bullish classical channel.

Resistance levels: 1.1830 - 1.1900 - 1.2000

Support levels: 1.1700 - 1.1750 - 1.1800  

Trend: Bullish

 

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval. The price touches the upper bound of the ascending channel, so we expect a correction.

Resistance 1.3100 - 1.3200 - 1.3300

Support: 1.2800 - 1.2700 - 1.2600

Direction: Bullish

 

USDJPY

The USDJPY pair is moving downwardly on the hourly interval. The price has broken the support level of 105.00, so we expect more decline to the level of 104.00.

Resistance 105.00 - 106.00 - 107.00

Support: 104.00 - 103.00 - 102.00

Trend: Bearish

 

Gold

Gold is moving in an upward direction on the hourly interval. It is preferred to buy after breaching the 1930 level and closing above it.

Resistance: 2000 - 2100 - 2200

Support 1850 - 1750 - 1700

Trend: Bullish

 

Oil

Oil (Brent crude) is showing volatile movements on the one-hour timeframe. We should wait for the breakout of the rectangle to buy or sell.

Resistance 43.00 - 45.00 - 47.00

Support: 41.00 - 40.00 - 37.50

Trend: Volatile



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