Technical analysis report

14 Jul 2020 02:20 PM

EUR/USD technical analysis

This pair is moving in a sideways range, between 1.1165 support levels and 1.1370 resistance. It tried to re-test the upper limit of this channel yesterday, but retreated and failed to overcome it. We expect it to decline to the support levels of 1.13 - 1.1250, then if it breaks this we will target the lower bound of the transverse channel at 1.1165. If it succeeds in crossing the upper limit resistance level of 1.1400, we may target 1.1500 levels.

GBP/USD technical analysis

This pair formed a double top model and yesterday broke the support level of 1.2565, so we expect it to further decline to the support levels of 1.2460. If falls below this point, we may complete the decline to the support level of 1.2355. The resistance levels of the pair are 1.2565 - 1.2670.

USD/JPY technical analysis

This pair is moving inside a falling triangle pattern on the daily frame. The lower boundary of the pattern is at 106.00 levels, which are strong support levels if the price reaches level we expect it to rebound from above to test 108.00, 109.00 resistance. If it breaks the 106.00 support level, we may see further declines to we may target 105.00 or 104.50.

Gold technical analysis

Gold is currently forming a triangle pattern on the four-hour framework, and we expect it to experiment with the resistance of 1813 again. We expect to target 1820-1835 - 1850.

An alternative scenario would be if the bottom of 1794 was broken, there may be a correction to support 1775-1785 before the rise resumes.

Oil technical analysis

Oil retreated and broke the support barrier of $40.50, and it is currently testing 39.80 support, and if broken, we expect to target 39.00 levels, then 37.50. If it rises above its 40.50 resistance level, we may target 41.60 levels.

Oil is moving in an up channel on the four-hour frame, and we expect it to rise from the current levels of $39.00 due to its proximity to the lower bound of the ascending channel and target its upper limit at 40.80 or 41.60. In the event of a decline and breach of 38.70 support, we may see declines that we may target $37.00.

Dow Jones technical analysis

The Dow Jones continues to move inside an ascending channel on a daily basis, and we expect that if it maintains the support of 25500, we expected to target 27600 levels and then 28500. If it breaks the support of 25500, we may target the next support at 24600 points.


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