Daily Technical analysis for December 9, 2020
EURUSD
The EURUSD is moving in an upward direction on the hourly interval. The pair fell to its first target of 121.00 and rebounded from it, and we expect it to re-test the resistance area 1.2170-1.2220 in the coming hours.
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 fell, achieving its descending targets, after failing to breach 1.3500 resistance, and after its success in ascending inside the bullish channel again. We expect it to rise again targeting 1.3400 then 1.3500, on condition of not trading below the level 1.3200.
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 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 third target at the level of $1860, but is now trading near a major resistance area, where the rising channel’s resistance and $1880 resistance. We expect this area to succeed in stopping the rise of gold.
Resistance: 1860- 1880- 1900
Support 1840–1820–1800
Trend: Bullish
Oil
Oil (Brent crude) is moving in a sideway direction on the one-hour timeframe. Oil rose to near its third target of $50.00 and is currently trading near a major support area between $48.00 and $47.00. We expect that in the case of maintaining trading above the aforementioned support area, it will rise again targeting the level of $50.00 then $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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