Technical Analysis

Daily Technical analysis for December 8, 2020

Daily Technical analysis for December 8, 2020

EURUSD

The EURUSD is moving in an upward direction on the hourly interval. The pair rose to the target area of 1.2100: 1.2150, recorded the highest price at 12178, and began to decline. The price would retreat to support area at 1.2100, and if this support was broken, the next target would be at 1.2000.

Resistance levels: 1.2170 - 1.2220 - 1.2300

Support levels: 1.2100 - 1.2000 - 1.1930 

Trend: Bullish

 

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval. The pair fell, achieving its descending targets, after failing to breach 1.3500 resistance, and after its success in ascending inside the bullish channel again. We expect it to rise again targeting 1.3400 then 1.3500, on condition of not trading below the level 1.3200.

Resistance 1.3400 - 1.3450 - 1.3500

Support: 1.3300 - 1.3250 - 1.3200

Direction: Bullish

 

USDJPY

The USDJPY pair is moving upwardly on the hourly interval. The pair fell as expected, achieving more bearish targets and now trading near the sideways trend support area. If it succeeds in maintaining trading above 103.50: 103.90, it will rise again targeting the sideway-trend resistance.

Resistance 104.20 - 104.70 -105.00

Support: 103.50 - 103.00 - 102.00

Trend: Sideways

 

Gold

Gold is moving in a bearish direction on the hourly interval. Gold rose, achieving its third target at the level of $1860, but is now trading near a major resistance area, where the rising channel’s resistance and $1880 resistance. We expect this area to succeed in stopping the rise of gold.

Resistance: 1860- 1880- 1900

Support 1840--1820--1800

Trend: Bullish

 

Oil

Oil (Brent crude) is moving in a sideway direction on the one-hour timeframe. Oil rose to near its third target of $50.00 and is currently trading near a major support area between $48.00 and $47.00. We expect that in the case of maintaining trading above the aforementioned support area, it will rise again targeting Level $50.00 then $52.00.

Resistance 49.00 - 50.00 - 52.00

Support: 48.00 - 46.50 - 45.00

Trend: Sideways



Share Article