Gold price gained bullish momentum above the $1,800 resistance to move into a positive zone.
December 9, 2020USD/JPY started a fresh increase above 104.00, but it is still facing many hurdles.
December 11, 2020EURUSD
The EURUSD pair is currently trading above the 1.2082 support. If it gets breached, buyers may enjoy better entries in the zone between 1.1988 and 1.2040. If the lower border of that zone is reached, strong buying pressure is expected from the market, while the retracement will be headed towards its conclusion. The first zone of resistance is found between 1.2137 and 1.2174 and, if that zone gets cleared, this should pave the way towards the 1.2270 level.
GBPUSD
Pound again trading in its previous range between 1.3290 and 1.3390. From a technical standpoint, the failed rally around 1.3500, followed by the fake top at 1.3460, suggest an upcoming trend turnover, with sell-offs accelerating towards the 1.3290 level and even towards 1.3190. On the other hand, if a major progress is reached in the negotiations between the UK and the EU, fundamentals could prevail over technical patterns and the resistance at 1.3500 could be cleared.
USDJPY
USD/JPY rose sharply in line with the Dollar strength seen yesterday. A break above 104.50, if seen could take it higher to 105 before again seeing a dip back to 104. Broad range of 103.50-105 is likely to hold for the medium term.
AUD/USD
AUD/USD even broke the main 0.7400 resistance to move further into a positive zone. It traded to a new 2-year high above 0.7450 and it is likely to continue higher. The next major resistance is near the 0.7515 level. It is close to the 1.236 Fib extension level of the key drop from the 0.7415 swing high to 0.6991 swing low.Any more gains could increase the chances of a push towards the 0.7600 level. Conversely, there might be a downside correction below the 0.7440 level. An initial support is near the 0.7415 level (the recent breakout zone).There is also a key bullish trend line forming with support at 0.7415 on the same chart. The next major support is near the 0.7400 level, below which the pair could test 0.7320.
USDCAD
USD/CAD is in consolidation position from 1.2768 temporary low and remains neutral. In case of another recovery, upside should be limited by 1.2928 support turned resistance to bring fall resumption. On the downside, break of 1.2768 will target 100% projection of 1.3389 to 1.2928 from 1.3172 at 1.2711 next. Break will target 161.8% projection at 1.2426.
WTI
WTI has risen despite the US weekly inventory build. On the charts there is scope for a rise to 48-50 on WTI for the medium term. Overall while above 44 respectively, crude prices are bullish.
XAUUSD
At this point we can see that GOLD is showing Bearish SHS formation at the top so we might see another rejection. This time the rejection might come at 1848-58 zone and the price could drop towards 1827. Below 1827 we should see 1815 and eventually 1794. It has become clear that 1870 zone is resistance so any push into it could make bulls try again to reverse the trend.