Technical Analysis

Daily Technical analysis for December 16, 2019

Daily Technical analysis for December 16

EURUSD

As we expected last week, the EURUSD pair fell after touching the upper limit of the bullish classic channel pattern. The price is now at a good support area.

Resistance levels: 1.1175 - 1.1210 - 1.1260

Support levels: 1.1110 - 1.0990 - 1.0940

Trend: Bullish

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GBPUSD

The GBPUSD is still moving in an upward direction on the hourly timeframe and the best buying areas are near the upside trend line or at the 1.3200 price level, which represents a good support level.

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.3250 - 1.3120 - 1.2960

Trend: Bullish

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USDJPY

The USDJPY fell strongly after touching the resistance line at the 109.70, where the pair is moving in a volatile direction on the hourly timeframe and is likely to target the 108.90 price level.

Resistance: 109.70 - 110.00 - 110.50

Support: 108.90 - 108.30 - 107.90

Trend: Volatile

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Gold

Gold is moving in an upward direction on the hourly interval, as shown in the following image. The price is facing resistance near the level of 1478, so we are waiting for its breach and stability above it to buy.

Resistance: 1495 - 1515 - 1540

Support: 1445 - 1430 - 1420

Trend: Bullish

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Oil

As it is clear from the following chart that oil is moving in an upward direction on the one-hour timeframe and near the upper border of the channel. Meanwhile, we are waiting for the support level of 58.81 to be broken to sell until the bottom border of the channel.

Resistance 62.50 - 65.00 - 68.00

Support: 58.81 - 53.75 - 51.45

Trend: Bullish