Technical Analysis

Daily Technical analysis for December 23, 2019

Daily Technical analysis for December 23

EURUSD

As we expected, the EURUSD fell strongly on Friday until it reached the level of 1.1080, where the price is now facing a support level represented in the lower boundary of the descending classical channel and therefore it may start a corrective rise.

Resistance levels: 1.1175 - 1.1210 - 1.1260

Support levels: 1.1110 - 1.0990 - 1.0940

Direction: Bearish

 

GBPUSD

The GBPUSD broke the uptrend line, but 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

 

USDJPY

The USDJPY is showing fluctuation over the one-hour timeframe and is likely to continue falling until the 108.90 price level, where it may find the first support area.

Resistance: 109.70 - 110.00 - 110.50

Support: 108.90 - 108.30 - 107.90

Trend: Volatile

 

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 of 1485, and we should wait for its breach and stability above it to buy.

Resistance: 1495 - 1515 - 1540

Support: 1445 - 1430 - 1420

Trend: Bullish

 

Oil

Oil fell due to reaching the upper bound of the bullish classic channel. Now, the price is targeting the 58.80 price level and then we should wait for a suitable price behavior to buy as the trend is still bullish.

Resistance 62.50 - 65.00 - 68.00

Support: 58.81 - 53.75 - 51.45

Trend: Bullish



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