technical analysis

24 Dec 2020 04:24 PM

EURUSD

The pair is moving between the boundaries of a symmetrical triangle pattern with a resistance level of the pair are1.2250-1.2270. if the pair succeeds in surpassing these levels, it is possible for a further rise and target 1.2350 followed by 1.2425.

The support level for the pair is at 1.2125 and breaking this level might push the pair lower to the next support at 1.2050.

GBPUSD

The cable is moving on the daily time frame between the boundaries of a rising channel. The pair has now approached the resistance of the upper bound of the channel at 1.3675. If the pair does not succeed in surpassing this level, we may see a decline to the support levels of 1.3450 and it may extend to the support level of 1.3250, which represents the lower bound of the channel.

If the pair succeeds in overcoming the resistance 1.3675 and steadily above it, it may open the way for the pair's further rise, targeting 1.3780 - 1.3900.

USDJPY

The dollar against the yen faces the resistance level of 103.75, in which the pair has tried more than once to surpass it but failed.

If the pair succeeds in overcoming this level, the pair may target 104.30 and then 104.75.

If the pair continues trading below the resistance 103.75, it will likely retreat to the support level 103.30 - 102.80.

USDCHF

The pair was able to edge higher after testing the trend line that was breached, and it is possible to break the resistance 0.8900-0.8920 to target 0.9000 levels.

As for a retreat from the current levels, immediate support awaits at 0.8830, and in the event, it is broken, the decline will likely continue to 0.8700.

USDCAD

USDCAD pair is moving near the resistance levels of 1.2950-1.3000, which is a strong resistance area from which the pair is likely to bounce back towards 1.2680.

However, breaching for the resistance 1.30, the pair may target 1.3170 - 1.3200.

AUDUSD

The Aussie retreated to the upward trend line at 0.7460 and succeeded in bouncing back from it and testing at 0.7580 levels. if the pair was able to breach the resistance 0.7600 it might target 0.7640 - 0.7700.

Support levels for the pair 0.7460 - 0.7370.

gold

Gold (XAUUSD) is moving within a bullish channel on the 4-hour timeframe. The yellow metal succeeded in bouncing from the lower boundary yesterday at $ 1857, and gold may target the levels of 1885 then 1900-1915 dollars.

The support level for gold at 1855 and if it is broken, the decline will likely continue to 1820 levels

Silver

XAGUSD rose to $ 27.36 but faced a strong consolidation 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 if it cleared that level, the metal might target $28.00.

Support levels 25.00 - 23.50.

WTI

WTI (USOILROLL) is trading inside a bullish channel in the 4-hour frame. Oil retreated in the past couple of days to test the lower boundary, but it succeeded in rising from it later on and reached the level of $ 48.50. WTI will likely continue its rise to $ 50.00 levels, which represents the resistance of the upper boundary of the ascending channel.

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

Dow Jones

DJ index (US30roll) is moving inside a sideways channel on the 4-hour time frame between the resistance level 30400 and the support level 29400.

It is currently 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, we may target 29150-28900.

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

German DAX

The German DAX (DE30) is moving between the resistance levels of 13800 and the support levels of 1300.

if the index breaches 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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