Technical Analysis

Daily Technical Analysis for 02-12-2019

Daily Technical Analysis for December 2

EURUSD

EUR/USD is moving in a bearish direction on the one-hour timeframe and is close to the resistance level of 1.0300, but due to the sharp rise last Friday, we prefer to wait until 1.0550 for selling the pair.

Resistance Levels: 1.1055- 1.1095 - 1.1175

Support Levels: 1.0990 - 1.0940 - 1.0880

Direction: Bearish

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GBPUSD

GBP/USD is moving in a volatile direction on the hourly interval forming a triangle pattern, where it is currently hovering near the upper side of the pattern. So, it is expected to fall to 1.2840.

Resistance: 1.2965- 1.3050- 1.3150

Support: 1.2760 - 1.2660 - 1.2550

Direction: Volatile

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USDJPY

The USDJPY is moving upwards on the hourly chart forming a flag pattern and fluctuating around 109.50, which is a strong resistance area. We should wait until the price falls to 108.90 levels to buy.

Resistance: 109.00 - 109.50 - 110.00

Support: 108.30 - 107.90 - 107.30

Direction: Bullish

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Gold

On the hourly timeframe, gold is moving in a bearish direction and the RSI is indicating overbought areas. It is preferable to wait for the price reaching 1475 levels to sell.

Resistance: 1475 - 1495 - 1515

Support: 1445 - 1430 - 1410

Direction: Bearish

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 Oil

Oil fell strongly last Friday and broke the rising trend line on the daily chart and now it is moving in a bearish direction near the resistance level of 56.20. Hence, we expect the price to fall during this week's trading.

Resistance: 58.75 - 62.50 - 65.00

Support: 53.75 - 51.45 - 50.00

Direction: Bearish