Technical analysis report

Technical analysis report

4 Jan 2021 04:28 PM

EURUSD

The pair is moving between the boundaries of the rising channel. The lower bound support is at 1.2210, which if broken, the pair may fall to levels of 1.2130 - 1.2050.

The upper bound of the channel and the expected target for the pair is 1.2360.

GBPUSD

The pair succeeded in surpassing 1.3620 resistance, but it is still facing a strong resistance area that may prevent the current ascend of the pair. The upper bound of this area is 1.3780, from which the prices might rebound from it towards support levels 1.3600 - 1.3450.

The pair's resistances are 1.3780-1.3900.

USDJPY

The pair is moving in a downward channel, as the price is now trading at its lower boundary of 102.70, and the price may rebound from it, targeting 103.70 / 104.00.

Support levels for the pair are 102.30 - 101.20.

USDCHF

The pair was unable to surpass 0.8920 resistance and retreated from it. It is breaking the support at 0.8820, and the decline may continue to 0.8700.

If the pair succeeds in overcoming the resistance 0.8920, we will likely target 0.8985.

USDCAD

The pair retreated from the resistance at 1.2950 and succeeded in achieving the target we mentioned in the last analysis at 1.2680.

The pair may continue to descend towards the support level at 1.2525 and if it holds above 1.2700, it may test the resistance 1.2950 again.

AUDUSD

A strong bullish trend for the pair, and it is possible to overcome the resistance 0.7750 targetings 0.7820 then 0.7900.

Support levels for the pair in the case of a correction 0.7670 - 0.7630.

Gold

Gold succeeded in surpassing the resistance 1900 and reached its highest price today at the levels of $ 1935, and it may continue its rise to the level of 1960 - 1980, and in case it exceeds this resistance, it is expected that we will target the highest peak of gold at $ 2074.

Support levels for gold are 1910-1900.

Silver

Silver rose near the resistance at 27.40 and is trading near it now, and it is likely to surpass this resistance, targeting 28.90 then $ 29.80.

But if the price failed in surpassing the resistance at 27.40, it is expected that it will retreat to test the up trend line at 26.00 levels, and the correction may extend to test $ 25.00 levels.

Oil

Oil tried to surpass the last peak it recorded at 49.40 and settle above it, but it failed and fell below it again.

Oil is likely to decline and test the support 46.00, and if broken, it might target the next support at $ 44.00. If oil succeeds in surpassing $ 50.00 resistance, it will likely target the level of $ 52.50.

Dow Jones

The Dow Jones success in breaking sideway channel to its upper boundary 30400, and it is possible that the index will continue its ascent, targeting 31000-31500 points.

However, all of this is conditional on maintaining the index at 30400, which in case it stabilized below this level, it will likely decline to support 29400 again.

DAX

The index managed to rise to the highest levels of 13800 and recorded a new historic high at 13918, and it is likely that the index will target 14500-15000.

Support levels for the index 13650/13700

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