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Daily Technical analysis for January 8, 2021

EURUSD

The EURUSD is moving in an upward direction on the hourly interval. the pair succeeded in ascending to its first target 1.2270, and in the event of a breakout and stability above it, the next target will be at 1.2400, and these targets will remain in place unless it breaks the 1.2100 support.

Resistance levels: 1.2400 – 12500 – 1.2700

Support levels: 1.2270 – 1.2200 – 1.2100 

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: 1.3700 – 1.3800 – 1.4000

Support: 1.3600 – 1.3500 – 1.3400

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 103.90 – 104.20 -104.75

Support: 102.00 – 101.00 – 100.00

Trend: Sideways

Gold

Gold is moving in a sideway direction on the hourly interval. Gold has fallen from the aforementioned resistance level and is currently trading at the support level of the ascending channel. We expect that in the event of continued trading above the support area of ??1900-1890, it will rise again targeting the level of 1950 and then the upper bound represented at the level of 1980.

Resistance: 1930- 1950- 1980

Support: 1900- 1880- 1860

Trend: Bullish

Oil

Oil (Brent crude) is moving in an upward direction on the one-hour timeframe. Oil succeeded in rising, achieving its second target at $54.00, and we expect it to continue rising, targeting the level of $56.00, where these targets remain valid as long as it trades above $48.00.

Resistance: 56.00- 58.00- 60.00

Support: 54.00 – 52.00 – 50.00

Trend: Bullish

Source: Technical analysis

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