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Daily Technical analysis for January 5, 2021

EURUSD

The EURUSD is moving in an upward direction on the hourly interval. The pair succeeded in rising from 1.2100 support, testing the 1.2250 level, and we expect it to continue rising, targeting 1.2270.

Resistance levels: 1.2200 – 1.2300 – 1.2500

Support levels: 1.2200 – 1.2100 – 1.2000 

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 1.3600, and we expect that in the case of maintaining trading above 1.3300, it will rise again to the level of 1.3700 and that the next target will be 1.3800.

Resistance: 1.3700 – 1.3800 – 1.4000

Support: 1.3600 – 1.3500 – 1.3400

Direction: Bullish

USDJPY

The USDJPY pair is moving upwardly on the hourly interval, as the pair traded near the support area for the sideways trend formed between 103.00 and 103.50. We expect that in the event of continued trading above this area, it will target resistance 104.20, then 104.80.

Resistance 103.90 – 104.20 -104.70

Support: 103.00 – 102.00 – 101.00

Trend: Sideways

Gold

Gold is moving in a sideway direction on the hourly interval. Gold has succeeded in rising towards all of its targets and is currently trading near the resistance of the ascending channel. We expect that it will succeed in stopping the rise temporarily before breaching it and targeting the upper limit represented in the level of 1980.

Resistance: 1930- 1950- 1980

Support: 1900- 1880- 1850

Trend: Bullish

Oil

Oil (Brent crude) is moving in an upward direction on the one-hour timeframe. Oil succeeded in rising, achieving its first target at $52.00, and we expect it to continue rising, targeting the level of $54.00, and if it breaks down, the next target will be at the level of $56.00 then $48.00.

Resistance: 52.00- 54.00- 56.00

Support: 50.00 – 48.00 – 47.00

Trend: Bullish

Source: Technical analysis

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