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Technical analysis report

2 Nov 2020 02:32 PM

EURUSD

This pair is still trading below 1.1700 levels, but above the support at 1.1600. We expect that if it breaks 1.1600 support, the pair may target 1.1500 / 1.1420 levels.

Resistance: 1.1700 / 1.1760.

GBPUSD

This pair retreated to its 1.2850 support level, then rebounded from it slightly to the upside. If the pair stabilizes above this level, we expect it to target the resistance levels of 1.3000 / 1.3030.

But if the support at 1.2850 is broken, we expect it to target 1.2800 / 1.2700.

USDJPY

This pair succeeded in achieving our target of 104.00. We expect it to break it to perhaps target 102.50.

However, if it maintains the support at 104.00 and does not break it, we expect it to test the resistance at 105.00 / 105.50.

 

USDCHF

This pair succeeded in rising to our target of 0.9150. We expect that if it surpasses 0.9170 resistance, it will continue to rise, targeting 0.9197 - 0.9220 - 0.9250.

Support levels are: 0.9130 - 0.9090.

USDCAD

The pair has formed support at 1.3277. We expect that if it maintains this level, it may continue its rise to the resistance level 1.3420. If it surpasses this, the pair may target 135.00 / 135.50 levels.

Support levels are 1.3277 - 1.3225.

AUDUSD

This pair succeeded in achieving its expected target at 0.7000, but it is still maintaining it as a good support level. It may rebound to test the resistance at 0.7080 - 0.7150.

If it breaks the 0.7000 support, the decline is expected to continue towards 0.6920.

 

Gold

Gold is currently moving in a wide-ranging channel between $1933 and $1850, interspersed with some important levels that can be traded between.

At present it is undertaking a correction to the upside after last week’s decline; we expect it to face resistance at 1895 - 1913.

Support levels in the event of a pullback are at 1870 - 1860.

 

Silver

Silver faces resistance at 23.55. We expect that if it succeeds in overcoming this, it will test the next resistance level at 24.00 - 24.50.

If it fails to rise above the resistance at 23.55, we would expect the current correction process to continue to 22.80 / 22.50.

 

Oil

Oil succeeded in achieving our target of $34.00. However, it rebounded from it slightly to the upside. We expect that the current correction process to end at 35.50, with a maximum at 36.75 resistance, and then retreat to 34.00. If it breaks this, we may target levels of 31.00.

Strong resistance for oil is at 37.00, followed by 38.50.

Dow Jones

The Dow Jones succeeded in surpassing the 26500 resistance, so the correction is expected to continue to 25900-27300 levels.

Support: 26500-26000.

DAX

The DAX is currently trading around the support level of 11500; we expect that if it maintains this level, we would witness an upward correction to target 12250 points.

If the price falls below 11500 points, it may continue to 11200 - 10850 points.

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