DAILY TECHNICAL ANALYSIS FOR DECEMBER 29, 2022
EUR/USD
The EURUSD keeps its positive stability
The EURUSD pair fluctuates within sideways trades since yesterday, keeping its stability above 1.0580 level, to keep the bullish trend scenario valid for the upcoming period, supported by stochastic move at the oversold areas, waiting to visit 1.0745 as a main target.
We remind you that breaking 1.0580 will press on the price to test the most important support at 1.0515 before any new positive attempt.
The expected trading range for today is between 1.0560 support and 1.0710 resistance.
Weak trades since morning.
The major currencies pairs and commodities show weak trades since morning, affected by the weak volumes in the markets, to keep the morning suggested scenarios valid without any change, and you can take a look at our morning reports to review the details of the expected trends and targets for the upcoming period.
The expected trend for today: Bullish
USD/JPY
The USDJPY awaits more rise
The USDJPY pair attempts to consolidate above the breached resistance of the bearish channel, to keep the bullish trend scenario valid and active, which targets visiting 135.60 level as a next main station.
The price needs to get positive momentum that assists to achieve the mentioned target, noting that breaking 133.70 will put the price within the bearish channel to resume the main bearish trend again.
The expected trading range for today is between 133.10 support and 135.00 resistance
The expected trend for today: Bullish
GBP/USD
The GBPUSD approaches the resistance
The GBPUSD pair provided temporary positive trades yesterday to approach the key resistance 1.2135, and bounced downwards quickly from there, to resume the correctional bearish track, waiting to test 1.1950 as a next main target.
Therefore, we will keep our bearish overview unless breaching 1.2135 and holding with a daily close above it.
The expected trading range for today is between 1.1940 support and 1.2100 resistance.
The expected trend for today: Bearish
Gold price attempts to recover
Gold price couldn’t manage to consolidate below 1800.00 barrier, to trade positively and attempt to recover again, as it gets positive signals through stochastic and the EMA50, which encourages us to suggest the bullish bias for today, waiting to surpass 1824.50 to head towards 1850.00 as a next main target.
Therefore, the bullish trend will be expected in the upcoming sessions, noting that breaking 1802.00 will stop the suggested rise and press on the price to decline towards 1776.25 direct.
The expected trading range for today is between 1795.00 support and 1830.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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