technical analysis report 14-12-2020

14 Dec 2020 04:26 PM

EURUSD

The euro-dollar pair is moving in an upward trend, trying to approach the 1.2200 resistance, benefiting from its trading above the main ascending support.

Support levels to watch are 1.2110, then 1.2080 - 1.20.

Surpassing the resistance 1.2200 could push the pair to continue its rise, targeting 1.2350 levels.

GBPUSD

The British pound rose against the US dollar, approaching the 1.3450 resistance level, followed by the major technical and psychological resistance 1.3500.

The pair's support is at 1.3380 and if prices stayed above this level, the pair may keep the upside possibility. However, breaching the 1.3500 resistance will be necessary to push prices towards 1.3650.

Breaking the support 1.3380 will weaken the possibility of an increase and cause the pair to fall again to 1.3230.

USDJPY

The pair fell below 104.00 and stabilizing below this level may increase the downside pressure towards the 103.35 support. However, the downside will require a break of 103.00 to validate its extension.

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's prices are stable below 0.9000 and it is likely to see a further decline and try to test the support 0.8820-0.8830. Breaking the support may cause further decline.

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's prices are stable below 0.9000 and it is likely to see a further decline and try to test the support 0.8820-0.8830. Breaking the support may cause further decline.

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.

AUDUSD

The pair is trading close to the resistance 0.7575, and a breach of this resistance might cause an increase towards 0.7680.

Bearish corrections should not be ruled out from time to time, but as long as it remains above the support 0.7480, the possibility of an upside will remain.

If the support 0.7480 is broken, we may witness downside pressure and a correction to 0.7450 levels, and perhaps also 0.7410.

gold

gold prices are still stable within their usual range, but several technical indicators showing bearish signals for the precious metal pointing to a possibility that prices to trade below the 1840.00 resistance.

Trading below the resistance may cause a further decline towards 1808.00 and possibly the psychological barrier of $ 1800.00.

But if prices were able to trade back above the resistance 1840, then gold may continue its rise to the levels of 1850-1865.

Silver

Silver prices continue trading in a sideways range between the support level of 21.60 and the 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 prices rise and stabilize in a bullish channel, and it is possible to complete the current rise, targeting 49.50 levels, and then surpassing it, we may target $ 54.00.

Immediate support level awaits in the event of a correction from the current levels at 46.30 and it is important to maintain them so that our view of the downside does not change at that time and targeting the $ 45.00 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 boundary 30370, the index may will target 31000 - 31500 levels.

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

German DAX

The German DAX returned to trade above the bullish support line at 13230.00 points and holding above this level may cause further upside. But breaching the resistance 13400.00 will be necessary to confirm further upside, otherwise, the upside will remain limited.

Breaking the support 1320.00 again may weaken the chances of an upside, which may cause bearish pressure on the index, pushing it back to the psychological levels of 13000.

Tags:

Prices may be delayed by 5 seconds. Prices above are subject to our website terms and conditions. Prices are indicative only