Technical Analysis

Daily Technical Analysis for 04-12-2019

Daily Technical Analysis for December 4

EURUSD

The EURUSD faces resistance at 1.1095, so we expect a downside correction today to retest the breached downtrend line.

Resistance Levels: 1.1055- 1.1095- 1.1175

Support levels: 1.0940 - 1.0880 - 1.0780

Trend: Bullish

 1.png

GBPUSD

The GBPUSD pair has breached the triangle pattern on the hourly timeframe and is moving upwards. We should wait for the retest of the support line at 1.2965 to buy with short-term targets because the general trend on the daily chart is bearish.

Resistance: 1.3050- 1.3150- 1.3200

Support: 1.2760 - 1.2660 - 1.2550

Trend: Bullish

2.png 

USDJPY

Despite its sharp decline, the USDJPY is still moving in an uptrend on the one-hour interval. We will await the price to reach 108.30 to buy as it corresponds to retesting the breached trend line.

Resistance: 109.00 - 109.50 - 110.00

Support: 108.30 - 107.90 - 107.30

Trend: Bullish

 3.png

Gold

Gold has breached the resistance level of 1476 and faces the downside trend line on the hourly chart. In case it could not penetrate and fell below 1476 level, it will be a good selling opportunity.

Resistance: 1495 - 1515 - 1540

Support: 1476 - 1445 - 1430

Direction: Bearish