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Daily Technical analysis for December 7, 2020

EURUSD

The EURUSD is moving in an upward direction on the hourly interval. The pair rose to the target area of 1.2100: 1.2150, recorded the highest price at 12178, and began to decline. The price would retreat to support area at 1.2100, and if this support was broken, the next target would be at 1.2000.

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. The pair succeeded in ascending to its aforementioned target yesterday and achieved the highest price at 1.3500 to collide with the rising channel’s resistance, and currently we expect it to retest the 13400 level in case it fails to breach 1.3500.

Resistance 1.3500 – 1.3600 – 1.3700

Support: 1.3450 – 1.3400 – 1.3300

Direction: Bullish

USDJPY

The USDJPY pair is moving upwardly on the hourly interval. The pair fell as expected, achieving more bearish targets and now trading near the sideways trend support area. If it succeeds in maintaining trading above 103.50: 103.90, it will rise again targeting the sideway-trend resistance.

Resistance 104.20 – 104.70 -105.00

Support: 103.50 – 103.00 – 102.00

Trend: Sideways

Gold

Gold is moving in a bearish direction on the hourly interval. Gold rose, achieving its second target at $1840. We expect that if the price stables above $1840, it will continue rising towards $1860 then $1880.

Resistance: 1840- 1880- 1950

Support 1820- 1800- 1750

Trend: Bullish

Oil

Oil (Brent crude) is moving in a sideway direction on the one-hour timeframe. Oil rose to its second target of $48.90, and we expect it to continue rising, targeting the level of $50.00, which if it breached, the next target will be at the upper bound of the rising channel at $52.00.

Resistance 49.00 – 50.00 – 52.00

Support: 48.00 – 46.50 – 45.00

Trend: Sideways

Source: Technical analysis

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