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Daily Technical analysis for December 16, 2020

EURUSD

The EURUSD is moving in an upward direction on the hourly interval. The pair rose close to its first target 1.2170. The pair is currently trading below this resistance, and we expect that if the pair succeeds in breaking it, it will rise to 1.2220 – 1.2250, as long as it does not stabilize below 1.2050.

Resistance levels: 1.2170 – 1.2220 – 1.2300

Support levels: 1.2100 – 1.2000 – 1.1930 

Trend: Bullish

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval, where the pair succeeded in climbing to the first target at 1.3400 and approached its second target. The pair is still trading inside the ascending channel, so the target of 1.3500 remains intact, and if it breaks, the next target will be 1.3600, on condition not trading below 1.3100.

Resistance 1.3400 – 1.3450 – 1.3500

Support: 1.3300 – 1.3250 – 1.3200

Direction: Bullish

USDJPY

The USDJPY pair is moving upwardly on the hourly interval. The pair rose, achieving its first target at 104.20, and we expect it to continue rising towards the upper bound of the sideways trend at 104.80, provided that price remains above 103.50: 103.90.

Resistance 103.90 – 104.20 -104.70

Support: 103.50 – 103.00 – 102.00

Trend: Sideways

Gold

Gold is moving in a sideway direction on the hourly interval. Gold rose from the support of 1820, recording $1840 in recent trading, where the break the support of $1820 may push the price to the downside, targeting between 1800 and 1760.

Resistance: 1840- 1860- 1880

Support 1820- 1800- 1760

Trend: Sideways

Oil

Oil (Brent crude) is moving in an upward direction on the one-hour timeframe, after oil’s success in maintaining trading above the aforementioned support zone, it rose in recent dealings, achieving its first target and approaching the second target at $ 52.00, and we expect the $52.00 target to remain in place. The next target is at $54.00, as long as it is trading above $47.00.

Resistance 52.00 – 54.00 – 56.00

Support: 50.00 – 48.00 – 47.00

Trend: Bullish

Source: Technical analysis

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