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technical analysis report 17-12-2020

17 Dec 2020 03:56 PM

EURUSD

The euro rose against the dollar and settled above the 1.22 level, and that may contribute to pushing it towards the resistance at 1.2295, which by breaching it, we may witness a continuation of the rise towards the next resistance at 1.2350.

Breaking the support 1.2160 might return the bearish odds towards 1.2000

GBPUSD

The pair managed to approach the 1.3650 resistance, a key level to decide the trend. If the pair stabilizes above this resistance, we may witness a continuation of the bullish trend, reaching 1.3700.

Breaking the support 1.3520 could cause the pair to enter a bearish correction targeting 1.3390.

USDJPY

The pair broke the support level at 103.20, and stability below this level may cause a further decline towards the next support at 102.70.

If the pair succeeds in rising above 104.10, it may try again to rise to 105.10.

USDCHF

Trading continues in the range of a descending channel, and any trading below 0.8900 will maintain the possibility of a decline in an attempt to test the psychological barrier of 0.8800, which by breaking it, we may witness further decline to 0.8740.

But if it rises above 0.8920, it is likely to rise to test the psychological barrier of 0.9000.

USDCAD

The pair continues to trade within a strong descending channel. the pair's main resistance is currently at 1.2815.

Trading below the resistance may cause a further decline towards 1.2660, which breaching it might see a further decline to 1.2580.

But in case it breaks the resistance 1.2815, an immediate strong resistance level awaits at 1.2930.

AUDUSD

The pair continues to rise, benefiting from trading inside an upward channel. Trading above the psychological barrier of 0.7500 may maintain the possibility of a further rise to the resistance 0.7815, but stability above the closest resistance 0.7665 will be necessary to prove the continuation of the rise.

Breaking the support 0.7500 may cause the formation of a bearish correction targeting 0.7415.

Gold

Gold prices have stabilized above 1872.00, achieving a positive bullish technical structure favoring more upside towards the psychological barrier of $ 1900.00. Consolidation above the psychological barrier may push prices towards the next resistance in 1930.00.

From below, a break of 1850.00 could push gold back towards 1840.00, while breaking the latter may cause a downside wave that takes the price towards $ 1800.00.

Silver

Silver prices benefited from the breach of the downside resistance to continue rising. If the price breaks the resistance of 26.00, a bullish technical pattern may be formed that takes the price towards $ 28.00.

Breaking the psychological barrier of 25.00 will weaken the possibility of a bullish move and cause a downside correction to 24.20.

Oil

Oil price rises and stabilizes in a bullish channel, and it is possible to complete the current rise, targeting 49.50 levels, and then surpassing it, we may target $ 54.00.

Support levels that may face oil in the event of a correction from the current levels of 46.80, and it is important to maintain them so that our view of the downside does not change at that time and targeting the $ 45.60 level.

Dow Jones

The Dow Jones is rising inside the ascending triangle pattern appearing on the four-hour interval. Stability above 30370 could make the index target 31000-31500.

Support levels for the index at 29750 - 29400 - 28900.

German DAX

After the index approached the resistance 13750.00, it made a bearish correction. However, if it manages to breach the resistance, it may continue rising to 13900.00

Breaking the support 13500.00 again may weaken the chances of an upside, and may cause a return to bearish pressure, reaching 13250.00

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