XAUUSD is consolidating into a sideways range after falling below the 1817.80 level
November 27, 2020GBPUSD faced a strong resistance near 1.3400 against the US Dollar
December 1, 2020EUR/USD
Euro remained well supported near 1.1850 against the US Dollar. As a result, EUR/USD gained bullish momentum and cleared the key 1.1900 resistance zone. The upward move was such that the pair broke the last swing high and surpassed the 1.1940 resistance. A new monthly high was formed near 1.1975 and the pair is currently trading well above many important supports.
On the downside, the previous resistance near 1.1920 and 1.1900 could act as a strong support. There is also a major bullish trend line forming with support near 1.1905 on the same chart.
If EUR/USD fails to stay above the 1.1900 support level, it could revisit the 1.1850 support. Conversely, the pair could continue to rise above the 1.1965 and 1.1980 resistance levels. The next major resistance sits near 1.2000.
GBP/USD
Pound’s attempt to violate the support zone at 1.3302 was not successful . If buyers gain enough momentum, their first target will be the important resistance zone at 1.3394. А breach of this level will confirm that the uptrend is still intact and signal that the rally will most probably continue towards the levels of around 1.3480. In the negative direction, violation of the support levels at 1.3302 and 1.3275 could lead to a deeper correction towards the zone at 1.3225.
USD/JPY
USD/JPY remained in control and declined, reaching the current level of around 103.86. A test of the close support zone at 103.72 is highly probable. A successful violation of this level will pave the way towards the next target at 103.20. A test of 104.18 is not out of the question if the bulls re-enter the market, but only a breach of the next target at 104.43 could lead to a change in the current market sentiment.
AUD/USD
AUD/USD remains on the upside for 0.7413 high. Decisive break there will resume whole rebound from 0.5506 and target 0.7635 long term fibonacci level. On the downside, however, break of 0.7265 support will extend the consolidation from 0.7413 with another falling leg. Intraday bias will be turned back to the downside for 0.6991 support instead.
USD/CAD
USD/CAD stays on the downside for retesting 1.2928 support. Decisive break there will confirm resumption of whole down trend from 1.4667. Next near term target will be 61.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2887, and then 100% projection at 1.2711. On the upside, above 1.3034 minor resistance will delay the bearish case, and extend the consolidation from 1.2928 with another rising leg first.
WTI
WTI has likely formed a bearish pattern that usually indicates a near-term trend reversal. A pullback could lead to further consolidation towards US$ 43.40 – the 23.6% Fibonacci retracement. The RSI indicator rose into overbought territory last week and has since retraced, suggesting a technical correction could be underway.
XAUUSD
The precious metal continued to move lower following a brief pause for two sessions. However, as prices make a new low, there is a strong bullish divergence building up on the Stochastics oscillator.This could mean that the precious metal might be preparing for a short term correction.
Still, the gains could see price testing the 1817.80 level. Given that this level held up as support previously, a rebound could see resistance forming.This will keep the downside bias intact. But if gold breaks above 1817.80, then a larger correction towards 1850 is quite likely.