Technical Analysis

Daily Technical analysis for September 1, 2020

Daily Technical analysis for September 1, 2020

EURUSD

The EURUSD is moving in an upward direction on the hourly interval. The price is facing a resistance level at the upper bound of the ascending classical channel, so we expect a correction to the downside and then rise again.

Resistance levels: 1.2000 - 1.2100 - 1.2200

Support levels: 1.1700 - 1.1600 - 1.1500  

Trend: Bullish

 

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval, where the price targets 1.3500.

Resistance 1.3400 - 1.3500 - 1.3600

Support: 1.3000 - 1.2900 - 1.2800

Direction: Bullish

 

USDJPY

The USDJPY pair is moving downwardly on the hourly interval. The price targets 104.00, but it is preferable to wait for the stability below 105.30.

Resistance 107.00- 108.00- 109.00

Support: 103.00 - 101.00 - 100.00

Trend: Bearish

 

Gold

Gold is moving in an upward direction on the hourly interval. The price has breached the triangle pattern and is likely to target the 2025 price level.

Resistance: 2100 - 2200 - 2300

Support 1850 - 1750 - 1700

Trend: Bullish

 

Oil

Oil (Brent crude) is moving in a bullish direction on the one-hour timeframe. We should await the breach of $46.00 and stability above it to buy until the level of $50.00.

Resistance 50.00 - 55.00 - 60.00

Support: 40.00 - 35.00 - 25.00

Trend: Bullish



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