Technical Analysis

Daily Technical analysis for December 31, 2019

Daily Technical analysis for December 31

EURUSD

The EURUSD pair is moving in an upside direction over the one-hour timeframe, as shown in the following image, where the price is now close to the upper limit of the channel. It is preferred to wait until the price corrects downward to 1.1110 before buying again.

Resistance levels: 1.1250 - 1.1300 - 1.1350

Support levels: 1.1175 - 1.1110 - 1.0990

Trend: Bullish

 

GBPUSD

The GBPUSD is still moving in a downtrend on the hourly interval, as the price has broken the uptrend line and is likely to fall in the coming hours after retesting the trend line.

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.2270 - 1.2550 - 1.2200

Direction: Bearish

 

USDJPY

The USDJPY is showing volatility over the one-hour timeframe, and it is likely that the price will decline until 108.30, which represents the first levels of support for the pair.

Resistance: 109.70 - 110.00 - 110.50

Support: 108.30 - 107.90 - 107.50

Trend: Volatile

 

Gold

Gold rose strongly and breached the resistance level of 1515, which turned into a support level. Gold is now moving in a bullish direction on the hourly interval, targeting the 1535 price level.

Resistance: 1535 - 1550 - 1560

Support: 1445 - 1430 - 1420

Trend: Bullish

 

Oil

Oil is moving in an upside direction on the hourly interval and the price is close to the upper bound of the bullish classic channel pattern. However, I\it is possible to witness a corrective decline until the price level of 58.80.

Resistance 62.50 - 65.00 - 68.00

Support: 58.81 - 53.75 - 51.45

Trend: Bullish




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