Technical Analysis

Daily Technical analysis for December 1, 2020

Daily Technical analysis for December 1, 2020

EURUSD

The EURUSD is moving in an upward direction on the hourly interval. The pair succeeded in rising towards the target price of 1.2000 and then retreated, breaking the ascending channel, and now it is re-testing it. If it succeeds in trading inside it again, it will target 1.2050.

Resistance levels: 1.1960 - 1.2000 - 1.2100

Support levels: 1.1930 - 1.1790 - 1.1600 

Trend: Bullish

 

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval. The pair is trading around a minor resistance at 1.3350. If it is breached, the next target will be at 1.3400 then 1.3480.

Resistance 1.3350 - 1.3400 - 1.3480

Support: 1.3300 - 1.3200 - 1.3000

Direction: Bullish

 

USDJPY

The USDJPY pair is moving upwardly on the hourly interval. The pair succeeded in rising from the support area for the sideways direction mentioned previously, achieving its first target. We expect it to continue rising towards 104.60, and if it breaks, the next target will be at 105.00.

Resistance 104.20 - 104.60 -105.60

Support: 104.20 - 103.60 - 103.00

Trend: Sideways

 

Gold

Gold is moving in a bearish direction on the hourly interval. Prices began to rise yesterday in a corrective movement, and we expect it to continue to rise to test the breached support of $1800, as a key resistance level.

Resistance: 1800- 1820- 1890

Support 1750 - 1665 - 1600

Trend: Bearish

 

Oil

Oil (Brent crude) is moving in a sideway direction on the one-hour timeframe. Oil fell to its bearish target of $ 47.00 and is currently trading near a major support area. We expect a rise, targeting the level of $48.00 and then $48.90.

Resistance 49.00 - 50.00 - 51.00

Support: 46.50 - 45.00 - 42.50

Trend: Sideways


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