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technical analysis report 23-12-2020

23 Dec 2020 01:18 PM

EURUSD

The pair still maintains support at 1.2129 levels, and we expect stability above it while likely targeting the high of 1.2270 again. By surpassing 1.2270, the pair may target 1.2350 levels.

If the pair the support 1.2129, it might target the next support at 1.2050.

GBPUSD

The pair is moving on the daily timeframe between the boundaries of the ascending channel and rebounded from the lower boundary of it at 1.3187, which represents the support levels for the pair in case of a reversal.

The pair might face immediate resistance at 1.3550 - 1.3650 if it continues to the upside, which represents the upper bound of the ascending channel.

If the pair breaks the support 1.3187, it may retreat to test the next support at 1.3100 - 1.2900.

USDJPY

The pair is moving within a descending channel on the daily basis, the upper bound of which the resistance 105.00 is likely to reach if it breaks the resistance 104.00.

the support levels for the pair are at 103.00, and then the stronger support at the lower boundary of the channel 102.50.

USDCHF

The pair succeeded in edging higher after testing the previously breached trend, and it is possible to break the resistance 0.8900 / 0.8920 to target 0.9000 levels.

If the pair retreat from the current levels, it will face support at 0.8830, and if it is broken, the decline will likely continue to 0.8700.

USDCAD

The pair is moving near the resistance levels of 1.2950: 1.3000, which is a strong resistance from which the pair is likely to bounce back to the downside and retreat to the level of 1.2680.

As for resistance 1.30, we may target 1.3170 - 1.3200.

AUDUSD

The Australian-US Dollar pair retreated to the upward trend line at 0.7460 and succeeded in bouncing back from it and testing at 0.7580 levels, and it is possible to overcome the resistance 0.7600 to target 0.7640 - 0.7700.

Support levels for the pair 0.7460 - 0.7370.

Gold

Gold is still maintaining the bullish trend line on the 4-hour chart, and we are likely to see a bullish rally again testing the 1900/1915 area, which is likely to cross this area, and by doing so gold targets $1965 levels.

If gold falls below 1850 levels, the precious metal will likely test 1820 and then break it, we may target $ 1764.

Silver

Silver rose to $ 27.36 but faced a strong retreat from it to $ 25.00.

Silver is still maintaining its bullish trend, and it is likely to rise again and test at 27.00, and then surpassing it, we might target $ 28.00.

Support levels 25.00 - 23.50.

Oil

Oil is moving inside a bullish channel on the 4-hour chart, and it retreated to test the lower boundary of it, but it still maintains the support of $ 46.00, so it may rise to test the resistance 48.00 and then surpass it, targeting 49.80.

The support level 46.00, if broken, the oil may target the level of 45.00 - 44.00.

Dow Jones

The index is moving inside a sideways channel on the 4-hour time frame between the resistance level 30400 and the support level 29400.

It is now trading near the resistance level, and it is possible to retreat from it to test the lower boundary of the channel at the support level 29400, which if broken, the index might target 29150-28900.

If the index succeeds in surpassing the resistance 30400, it is possible to continue rising to the levels of 31000-31500.

German DAX

The German DAX is moving between the resistance levels of 13800 and the support levels of 13000. These levels can be traded.

But if it breaks the resistance 13800, it will likely continue rising, targeting 14500-15000.

As for a break of the support 13000, it might fall to 12300 levels.

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