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Technical analysis report

Technical analysis report

5 Jan 2021 03:52 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 retreated below 1.3620 after hitting 1.3700 level, which represents the upper boundary resistance of the ascending channel. We may see the pair make a correction to 1.3400 – 1.3300.

The pair's resistances are 1.3620-1.3700.

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 is trying to stable above 1.2680, and it is possible that the price will remain stable above this level, and the pair will try to test the levels of 1.2950 / 1.30.

But if it falls below 1.2680, the price may continue fell to 1.2525.

AUDUSD

A strong bullish trend for the pair, and it is possible to overcome the resistance 0.7750 targeting 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 uptrend 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 is moving in sideways move to the upside, and it is possible that the index will continue its rise, targeting the levels of 31000-31500 points.

However, all of this is conditional on maintaining the index at 29400, which in case it stabilized below this level, it is likely to decline to support 28900-28000.

DAX

The DAX moved in sideways channel between 13600 and 13900 level, and it is possible that, by surpassing its top, the index will target 14500-15000.

Support levels for the index are 13600/13000.

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