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Daily Technical analysis for January 12, 2021

EURUSD

The EURUSD is moving in an upward direction on the hourly interval. The pair rose close to its second target and then began to decline, breaking the support of the ascending channel. We expect that in the case of resistance above, it will rise again towards its previous peak or the break 1.2100 will qualify it for further decline towards 1.2000 then 1.1900.

Resistance levels: 1.2200 – 1.2270 – 1.2400

Support levels: 1.2100 – 1.2000 – 1.1900 

Trend: Bullish

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval. The pair succeeded in ascending to its first target at 1.3700. We expect it to continue rising towards its next target of 1.3800, then 1.4000, as long as it trades above 1.3400.

Resistance: 1.3600 – 1.3700 – 1.3800

Support: 1.3500 – 1.3400 – 1.3200

Direction: Bullish

USDJPY

The USDJPY pair is moving in a downward on the hourly interval. The pair succeeded in entering the sideways channel again, after approaching the first descending target, and we expect it to continue moving between the 103.00 level and the 104.75 level, as long as it trades above 102.50.

Resistance 104.20 – 104.75 -105.50

Support: 103.90 – 103.00 – 102.00

Trend: Sideways

Gold

Gold is moving in a sideway direction on the hourly interval. Gold did not succeed in maintaining trading above the support area of ??1900-1890, which made it fall sharply. We expect it to rise from it in a corrective rise to retest 1860 and we expect the support zone 1800-1780 to stop any upcoming downturn in the short and medium terms.

Resistance: 1860- 1880- 1900

Support: 1830- 1800- 1780

Trend: Bearish

Oil

Oil (Brent crude) is moving in an upward direction on the one-hour timeframe. Oil succeeded in rising, achieving its third target at $56.00. We expect it to decrease from the resistance of the upper bound of the current ascending channel in limited profit-taking operations and will remain eligible for further rise as long as it is above $52.00.

Resistance: 56.00- 58.00- 60.00

Support: 54.00 – 52.00 – 50.00

Trend: Bullish

Source: Technical analysis

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