technical analysis report 10-12-2020

10 Dec 2020 02:59 PM

EURUSD

The pair is moving in a sideways descending range, and it is likely that it will continue moving between the two lines of the descending channel until breaking either of them.

Support levels 1.2080, then 1.20 - 1.1930.

Surpassing the resistance 1.2200, it may continue its rise, targeting 1.2350 levels.

GBPUSD

The British Pound rebounded from the resistance level 1.3500 and broke the support 1.3300, and it is likely that it will continue its decline to the support level of 1.3200, and then if it is broken, it targets 1.3110.

The main resistance of the pair at 1.3500 must be surpassed in order to target 1.3650 - 1.3780.

USDJPY

The pair is still moving in a narrow-range, the upper bound of which is the resistance 105.00 and the support levels 103.65 - 103.00.

If the pair succeeds in rising above 105.00 and surpassing the resistance 105.50, it may target 106.00 - 107.00 levels.

USDCHF

The pair is still stable below 0.9000 and this increases the probability that we will target 0.8800.

On the other hand, if it rises above 0.9000, it is likely to rise to test the upper boundary of the sideways channel at 0.9200.

USDCAD

The pair is moving in a narrow range of sideways range between 1.2770 and 1.2811, and a break of the support is likely to target 1.2700 - 1.2650.

Surpassing for the resistance at 1.2811, it may test the stronger level at 1.2930.

AUDUSD

The pair is moving in a bullish channel on the 4-hour chart. Its lower bound is at 0.7400, which represents the support of the pair and the upper bound of the channel at 0.7490.

If it reverses from the current levels, it may test the lower boundary of the ascending channel, and by breaking it, it will continue to retreat to the next support levels at 0.7340 - 0.7270.

If it breaches 0.7490 levels, it will likely continue rising to 0.7550-0.7600.

gold

Gold succeeded in retreating, as we indicated yesterday's analysis, to the levels of $ 1840, and it is likely that it will continue its decline to the levels of 1822-1810.

Gold resistance at 1843, if it succeeds in surpassing it, it may continue its rise to the levels of 1852-1860.

Silver

Silver is moving in a sideways range between support at 21.60 and resistance of the upper leg of the triangle pattern at levels of $ 24.50 - $ 25.00.

We expect the price to correct to 21.60 levels, and breaching it is likely to continue declines to $ 19.00-18.00.

As for surpassing the $ 25.00 resistance, we might target 26.00 - 27.50.

Oil

Oil is still stable above $ 44.00, and it is possible to complete the current rise, targeting 49.50 levels, and with surpassing it, we may target $ 54.00.

Support levels that may face oil as a correction from the current levels is 44.00, and it is important to maintain them so that our view of the downside does not change and targeting the $ 40.00 level.

Dow Jones

The index formed a bullish triangle pattern on the 4-hour time frame, and it is possible that, by crossing its upper limit 30300, to target 31000 - 31500 levels.

Support levels for the index at 29750 - 29400 - 28900.

German DAX

Today, the German DAX tried to surpass the resistance 13400, but it is still not stable above it, and it is possible that, by surpassing it, we will target the levels of 13800-14000 points.

However, as long as the index is trading below the mentioned resistance, we may target support levels 12300-11600.

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