Christmas 2020 forex analysis

Christmas 2020 forex analysis

Gold Price Action Analysis

Yesterday the price of the world gold ounce rose more than $ 7, and the four-hour chart was able to stabilize above the resistance line drawn above the $ 1 peak. The four-hour chart of world gold has reached channel resistance and diverges from the RSI.

However, in the long run, we have seen downtrend since the World Gold Weekly chart reached $ 2.9 and channel resistance plunged above $ 1.5. Continuing downtrend could provide conditions for further fall of prices to $ 2.5 and $ 2. However, it should be noted that the trend of the World Gold Weekly chart has been rising since the beginning of December. On the daily chart of the World Gold Ounce, the 7-day simple moving average is broken at $ 4.9 since the beginning of December, and may have paved the way up to $ 1.5 and $ 1.2 resistance.

Even though the world gold ounce daily dipped above the 7-day simple moving average, one can still think of a sell-off from the current four-hour channel resistance. The combination of AB = CD patterns and channel resistance can provide a good opportunity to sell the world gold ounce. It is recommended that conservative traders wait a full four-hour downtrend before entering the sales transaction.

Price Action Analysis of GBPUSD

Yesterday the pound sellers were active in the market. The $ 1.5 break rate has been broken and the downtrend paved the support zone by 0.5%. This support area includes December reopening at 4.1, Fibonacci retracement at 4.1, support trend line, and $ 1.5 trend. The RSI indicator is also within the sales saturation range.
The GBPUSD weekly chart peaked at $ 2.9 after reaching the year’s opening 2, returning below the long-term resistance line drawn at $ 1.9. Last week, the pound fell by almost 2 pips and may drop as low as $ 2.5 to $ 5 a year.

The GBPUSD Daily Chart ended Monday’s trading below the $ 1.5- $ 1.5 support range. This support area has become a resistance. Continued selling pressures could push the GBPUSD to $ 1.5 support near the support trend line of $ 4.1 and the 5-day moving average at $ 2.5.

The four-hour support area has responded positively at 0.5% and may provide a good opportunity to buy GBPUSD. Although the pound may move up to $ 1.5, the resistance area may be a mere 2.5-1% daily. In addition, the weekly chart shows GBPUSD downtrend. However, if a full four-hour upside candle is formed in the $ 1.5- $ 1.5 support range, you can enter into a buy transaction, but care must be taken in managing the transaction.

EURUSD Price action analysis

The EURUSD four-hour chart is looking to hit the $ 1.00 level. Passing through this rally could push the euro to the channel resistance plunged by $ 2.5. On the downside, sellers still have the primary target of sellers’ support of $ 4.9 and an estimate of 1.2% Fibonacci at 3.2%. The four-hour RSI indicator has recently moved above the mid-level 1 unit.

The EURUSD weekly chart is restricted to the 1-2% resistance area. This resistance area corresponds to the channel resistance drawn from the $ 1.5 peak. If the euro falls below this range, the next target would be a $ 2.25 year opening rate and channel support plunged by $ 1.5m.
Daily charts on the EURUSD also show that the simple 7-day moving average of $ 2.9 last week prevented the Euro against the US dollar. The euro has touched $ 1.5 support in recent trading. This support corresponds to a simple 1 day moving average of $ 3.5. At the top of these support are the support trend line drawn from the $ 4.7 support, the $ 1.5 support and the key support at $ 1.5.

Although selling for $ 4.3 or even a four-hour channel resistance on the weekly chart is justified, such a deal would be a risk. A 1.5% support and a simple 7 day moving average can be a serious obstacle for sellers. However, if you are looking to sell EURUSD, be sure to wait a full four-hour downtrend before entering into a sales transaction.

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