Technical Analysis

Daily Technical analysis for December 19, 2019

Daily Technical analysis for December 19


The EURUSD pair broke the bullish trend over the one-hour time, as shown in the following picture, and is now moving inside a classical bearish channel and is likely to drop today.

Resistance levels: 1.1175 - 1.1210 - 1.1260

Support levels: 1.1110 - 1.0990 - 1.0940

Direction: Bearish



The GBPUSD broke the uptrend line, but still close to a strong support area. So, we should wait for it to break down to target the 1.2770 price level.

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.3020 - 1.2960 - 1.2900

Direction: Bearish



The USDJPY showing fluctuation on the hourly timeframe, but the price is close to a strong resistance level at 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



Gold is moving in an upside direction on the hourly interval, as shown in the following image, where the price is facing the resistance level 1478. We are still waiting for the breach and stability above the 1478 level to buy.

Resistance: 1495 - 1515 - 1540

Support: 1445 - 1430 - 1420

Trend: Bullish



As it is clear from the following picture that oil is moving in an upside direction on the hourly interval and near the top of the channel. Meanwhile, we are waiting for the support level of 58.81 to be broken for selling until the bottom of the channel, noting that the RSI indicates overbought and a negative price divergence, which supports the downside correction. .

Resistance 62.50 - 65.00 - 68.00

Support: 58.81 - 53.75 - 51.45

Trend: Bullish


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