Technical Analysis

Daily Technical analysis for December 12, 2019

Daily Technical analysis for December 12

EURUSD

The EURUSD pair broke the resistance levels located at 1.1098 - 1.1110 and settled above it, so it has become a support area. We expect more rise during the coming hours and better opportunities to buy from 1.1110 levels.

Resistance levels: 1.1175 - 1.1210 - 1.1260

Support levels: 1.1110 - 1.0990 - 1.0940

Trend: Bullish

1.png 

GBPUSD

The GBPUSD rose strongly after the US Federal Reserve's decision to hold interest rates yesterday. The pair is likely to target 1.3280 level in the coming hours.

Resistance 1.3280 -1.3400 - 1.3450

Support: 1.3150 - 1.2965 - 1.2760

Trend: Bullish

2.png 

USDJPY

The USDJPY failed to continue in the upside and the price returned again to fluctuation within the triangle pattern. We should wait for the triangle to break to sell until the level of 108.30 as the first target and the level of 107.900 as the second target.

Resistance: 109.00 - 109.50 - 110.00

Support: 108.30 - 107.90 - 107.30

Trend: Volatile

3.png 

Gold

Gold rose as a result of touching the lower boundary of the classic bullish channel on the hourly interval. The price is now facing the resistance level at 1478, and we are awaiting its breach to buy again targeting 1495.

Resistance: 1495 - 1515 - 1540

Support: 1445 - 1430 - 1420

Trend: Bullish

4.png 

Oil

Oil broke the triangle pattern on the one-hour timeframe and retested it, which supports its corrective decline during the coming hours, as it is likely to drop to 57.00 levels before going back up again.

Resistance: 58.75 - 62.50 - 65.00

Support: 53.75- 51.45 - 50.00

Trend: Bullish