DAILY TECHNICAL ANALYSIS FOR DECEMBER 23, 2022
EUR/USD
The EURUSD keeps its positive stability
The EURUSD pair faced negative pressure yesterday to attack 1.0580 level but it keeps its stability above it, and begins today with new bullish bias motivated by stochastic positivity, waiting to head towards our main expected target at 1.0745.
Therefore, the bullish trend scenario will remain active as long as 1.0580 level remains intact.
The expected trading range for today is between 1.0550 support and 1.0710 resistance.
The expected trend for today: Bullish
USD/JPY
The USDJPY loses momentum
The USDJPY pair shows positive trades to test the intraday resistance that rises now to 132.65, noticing that stochastic loses its positive momentum clearly, waiting to motivate the price to resume the bearish wave that targets 128.00 areas mainly.
Therefore, the bearish trend scenario will remain valid until now, noting that breaching 132.65 will lead the price to achieve additional gains and test 133.60 as a next positive station.
The expected trading range for today is between 131.60 support and 133.40 resistance
The expected trend for today: Bearish
GBP/USD
The GBPUSD achieves bearish correction
The GBPUSD pair traded with strong negativity yesterday to move away from 1.2135 level and head towards visiting 38.2% Fibonacci correction level at 1.1950, making the bearish bias suggested in the upcoming sessions, supported by the negative pressure formed by the EMA50.
On the other hand, we should note that breaching 1.2135 will stop the correctional bearish scenario and lead the price to regain the main bullish trend again.
The expected trading range for today is between 1.1950 support and 1.2135 resistance.
The expected trend for today: Bearish
Gold price breaks the support
Gold price traded with strong negativity yesterday to break the bullish channel’s support line and head towards potential visit to 1776.25 level, making the bearish bias suggested for today, supported by moving below the EMA50.
Therefore, we are waiting for more expected decline in the upcoming sessions, noting that breaching 1800.00 will stop the negative pressure and lead the price to recover again, taking into consideration that the markets might witness mixed trades due to the general weak volumes, caused by the holidays season.
The expected trading range for today is between 1775.00 support and 1810.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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