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09Dec

DAILY TECHNICAL ANALYSIS FOR DECEMBER 09, 2021

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EUR/USD

Current level – 1.1334

During the early hours of today`s trading, the bulls eased off their pressure just below the resistance at 1.1366. If the bears prevail, we may witness a corrective move towards the support at 1.1300. If the support in question fails to withstand the bearish pressure, the sell-off should deepen towards the next support at 1.1260. In an alternative scenario, in which the bulls overcome the critical resistance at 1.1366, the rally should resume and the pair will most likely target the resistance at 1.1460. A spike in volatility is likely during the announcement of the economic data for the initial jobless claims for the U.S. (today; 13:30 GMT).

USD/JPY

Current level –  113.75

The currency pair tested the resistance at 113.80, but could not stay above this level. At the time of writing this analysis, the USD/JPY is trying to violate the mentioned level, but only a confirmed breach here would pave the way for the pair towards the next important resistance at 114.50. However, if the bears manage to resist the bullish pressure, then the most likely scenario would be for a move towards the support at 113.00.

GBP/USD

Current level – 1.3196

The support zone at 1.3200 managed to deflect the bearish attack a couple of times and the expectations for today’s trading session are for the bulls to try to take control and lead the pair towards a test of the resistance at 1.3300. On the other hand, if the mentioned support is successfully breached, this would lead to new losses for the GBP/USD and would strengthen the negative expectations of the market participants. Better-than-expected data on the initial jobless claims for the U.S., which will be published today at 13:30 GMT, may allow the bears to overcome this critical resistance.

Gold price declines calmly

Gold price’s rise stopped at the previously broken support line that appears on the chart, to start bouncing downwards calmly, waiting for more decline to visit 1770.00 as a first negative target.

Note that breaking the mentioned level will extend the bearish wave to reach 1734.00 as a next main station, while the expected decline will remain valid unless breaching 1797.00 and holding above it.

The expected trading range for today is between 1765.00 support and 1800.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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