Technical Analysis

Daily Technical analysis for December 18, 2019

Daily Technical analysis for December 18

EURUSD

The EURUSD is still moving upward on the hourly timeframe, as the price is now close to the lower boundary of the bullish classic channel and is likely to rise to 1.1175 levels.

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 touched the bullish trend line on the hourly timeframe and is likely to rise during the coming hours. It is preferable to wait for confirmation of appropriate price behavior to buy, noting that the RSI also indicates oversold and supports the upside direction.

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.3120 – 1.2960 – 1.2900

Trend: Bullish

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USDJPY

The USDJPY is moving in a volatile direction on the one-hour chart, where the price is close to a strong resistance level of 109.80 and it is possible that it will fall in the coming hours.

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 upside direction on the hourly interval, as shown in the following image. The price is facing resistance near the level 1478, and we should wait 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, oil is moving in an upside direction on the hourly interval and near the upper side of the channel. We are waiting for the support level of 58.81 to be broken for selling until the bottom of the channel, as the RSI indicates overbought and supports the downside correction.

Resistance 62.50 - 65.00 - 68.00

Support: 58.81 - 53.75 - 51.45

Trend: Bullish

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